In Budget 2013, the Government announced several enhancements to the Productivity and Innovation Credit scheme that are excellent news for F&B operators. This is the best time to acquire commercial kitchen equipment!

See how the following changes can help you:

• Automated kitchen equipment for the purpose of food processing, food preparation or for food and beverage-related operations will qualify for PIC from YA2013. This means a wider range of food equipment can now be claimed for without having to wait 2-months for the lengthy approval.

The Productivity and Innovation Credit (PIC) scheme was introduced during the Singapore Budget 2010 to allow businesses to claim 400% tax deduction or 60% cash payout for investments in innovation and productivity improvements. The PIC is available only for five Years of Assessment (YA) from YA 2011 to YA 2015.

The PIC scheme can be helpful to F&B owners who are considering purchasing commercial kitchen equipment to automate or improve productivity in the kitchen and service aspects.

For example, if you purchase an ATA undercounter automatic dishwasher (AF55) from us at S$3,390 before GST, you will be entitled to:

Either

1) 60% cash payout of S$3,390 at the end of the financial year. From 2013 onwards, cash payouts can be claimed on a quarterly basis, so you do not have to wait too long to get your cash claims. That makes your investment to own the Italian-made equipment at only S$1,356 + 7% GST!

OR

2) 400% tax deduction of S$3,390 at the end of the financial year. That means a tax deduction of S$13,560.

Take this opportunity to invest in automatic equipment, including automatic slicers, automatic vegetable processors, dishwashers and so on. Call us to discuss your equipment needs and we will advise you accordingly!