IDA partners the Inland Revenue Authority of Singapore (IRAS) in this scheme to assist businesses in improving their financial and book-keeping practices. This is applicable for SMEs that are registered for Goods-and-Services Tax (GST) to purchase and put into use the accounting software listed in the
IRAS Accounting Software Register.
What Does the Subsidy Cover?
Up to 50% of the cost of the accounting software and for costs related to installation/deployment and training on use of the software, capped at S$1,500 per SME.
How Do I Qualify?
Your business must meet the following criteria to qualify for the grant:
- All small and medium enterprises (SMEs) that are registered or incorporated in Singapore
- Your business qualifies as a SME if:
- At least 30% of your shareholding is local AND
- Your company's group annual sales turnover is less than S$100 million OR
Your company's group employment size not more than 200 workers*
- Your business is GST-registered and will remain GST-registered for 12 months or more after submission of the application for the subsidy, subject to the GST legislation.
- Your business currently does not use any accounting software or system.
- Your business has not applied for, obtained, or will be obtaining any other tax/ financial assistance (i.e. subsidy/grant) for accounting software or systems.
- The accounting software must be listed in the IRAS' Accounting Software Register.
* Group Tracing : All levels up for corporate shareholder(s) holding more than 50% of total shareholding of a company, and all levels down for subsidiary(s) where applicant holds more than 50% of total shareholding.
Validity Period
1 July 2009 till 31 March 2012
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