Tax cheats target government productivity scheme
Taxman has recovered or blocked $3m in payouts for fake productivity claims
Published on Apr 6, 2014 7:50 AM
A scheme that gives businesses cash payouts when they act to boost productivity has turned up a growing number of cheats.
Since the Productivity & Innovation Credit (PIC) scheme was introduced in 2010, the tax authority has probed 158 cases and either recovered or blocked payouts in 49 cases involving a total of almost $3 million.
Under the PIC scheme, companies qualify for tax deductions or cash payouts if they invest in areas such as staff training, information technology or automation equipment, as well as research and development.
The Inland Revenue Authority of Singapore (Iras) caught businessmen trying to cheat by:
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