Singapore Payroll System
The Singapore Government has been very active in its push for automation and improvement of productivity of Singapore Companies.
In it’s newest budget, the amount of funds committed to this productivity drive through various schemes has been increasing and have also been increased through many methods for entrepreneurs to tap on.
Directly relevant to KP PAYROLL Software Systems would definitely be the iSprint Funding for Packaged Solution System.
To qualify for iSprint funding, certain criteria have to be met:
1. Be a local SME with
– Minimum of 30% local shareholding AND
– Annual Sales turnover of the group must not be more than S$100 million or
– Employment size must not be more than 200 workers
2. Does not own or use any other solutions currently
With that criteria met, SME companies can be entitled up to 70% of qualifying close which includes, software cost, consultancy cost and training cost capped at $2,000.
KP PAYROLL is one of the few leading payroll software providers that are qualified under the iSprint initiative.
PIC Funding from IRAS
Another form of funding comes from the Productivity and Innovation Credit form IRAS, which is the Tax Authority of Singapore. PIC funding that is relevant to that of a Singapore Payroll System would be that for the cost of the IT equipment or software.
Local Companies can get up to 60% cash payout from IRAS or a 400% tax deductions.
If you have enquires, do contact us to find out more.