Just this year the Singapore government have enacted sterner guidelines for businesses and vendors that require being listed as a legitimate ICV Vendor.
The introduction of this sanction means that solution is now obtainable from reputable businesses and there should not be any worried about encountering frauds. You can now acquire accounting solutions and any other business solutions from businesses that are approved by SPRING Singapore. This will ensure an increase in your productivity and workflow without worrying about buying software packages that not approved by the IRAS.
There are allegations filed in the past about how companies submit sham applications just to take advantage of the grant promised. SPRING found out recently that many applicants took advantage of this system by implementing stringent inspection for the ICV program.
So many programs and scheme have received sham application not just the ICV program. An example is The Productivity and Innovation Credit (PIC) Scheme that makes provision for grants for automation equipment and information technology, they ran into this problem of receiving fraudulent applications. PIC was introduced to the public in 2010, one hundred and fifty-eight cases have been probed by the Inland Revenue Authority of Singapore (IRAS) in the events of people using false documents or listing friends and families as staffs in order to be eligible for the benefits of a scheme. On completing theinvestigation, IRAS were able to recover payments that summed up to $3million.
Learning from the PIC program and the completed investigation carried out by SPRING on uncovering the fraudulent ICV applications, the minister of trade and industry TeoSer Luck with an interview Channel News Asia reported that severe controls would be introduced in the ICV application process just so the government or authorities can counteract fraudulent applications.
For companies in need of assistance and need real help, the ICV program proposes great benefits. When labor and competition constraints present business with challenges, grants are available to provide a way to improve efficiency and productivity.