The Preconceived Myths Regarding PIC Grants for Property Agents in Singapore

It has always been questionable whether real estate agents could apply for the IRAs PIC grant or not. These questions have arisen due to some of the misconceptions and misconceptions about the PIC scheme. These inappropriate ideas had turned into myths, making it difficult for them to follow their activities silently.

The most common myths

1. Government-imposed restriction

It is more commonly believed that the government is against real estate agents and does not consider the business to be claimed under the PIC Scheme. However it is completely the opposite of what PIC Scheme suggests. These agents can opt for the PIC program and claim the bonus or cash payment for any purpose they wish.

What does IRAS say about it?

It has been confirmed by the IRAS officers that the services of the estate agents are certified as claimable and fall under the list of items, which qualifies for a successful PIC claim.

2. Complaints can only be submitted once

They can submit only one application within the evaluation year. It is completely wrong that, like any other entrepreneur, they can request their PIC as many times as they want. They can apply for the PIC Scheme multiple times as long as they do not reach the maximum cash payment quota of S $ 60,000. And the minimum qualifying spend for each loan application is S $ 400. However, it should be noted that the choice to convert the eligible expense amount into cash repayment is irrevocable. การพนันที่ดีที่สุด

Other myths that also require special considerations are:

3. It is widely believed that individuals are required to provide input from their side before submitting a PIC application. This misconception or misconception had kept real estate agents away from the benefits of the PIC Scheme. It should be noted that the property should not contribute any contributions to make a successful claim.

4. When earning the PIC bonus it is assumed that all customers are not considered which is completely unfounded and wrong. In reality, every single client or employee of the real estate broker takes into account the reimbursement of the bonus by IRAS.

5. They file the PIC complaint even before a customer initiates the transaction. Indeed, in the case of real estate brokers applying for the PIC bonus it is necessary that the transaction begins with the clients. Because it will ensure that there are no losses for the real estate agents in case the client decides to withdraw suddenly.

6. Another myth, which surrounds them, is that they can claim their PIC without any client. This is wrong as the property dealers also need to have their own customers in order to file complaints for the PIC. The correct documents together with the deeds made with the clients are taken as evidence by the IRAS to evaluate their request.

Any company that qualifies for the PIC grant program has the ability to benefit from the scheme through the tax deduction option which offers 400% tax exemption for any amount invested in any business within the six categories of PIC. This represents a 300% improvement over the 100% tax exemption in qualifying expenses that prevailed before the advent of the PIC regime in 2011. To claim bonuses, schemes, allowances, cash payments, tax deductions etc.