SMEs will get S$30 million of state help to cope with higher Goods and Services Tax (GST).
Those that voluntarily register to become GST traders for the first time will each receive a one-time grant of up to S$5,000 to defray set-up costs. About 10,000 locally-based companies will benefit from this scheme.
The grant will cover up to 100% of the accounting software costs β which ranges from S$99 to S$1,600 depending on company size β plus up to half of the hardware costs, professional fees, and Internet connection costs. To qualify, a company's fixed assets must not exceed S$15 million and have no more than 200 staff for non-manufacturing outfits.
SPRING and the Inland Revenue Authority of Singapore will hold a series of workshops for SMEs, starting March 12. Applications for the grant open on 1 March.- TODAY
Learn more about the Goods and Services Tax (GST) Assistance Scheme. |