For CCP/PNT/PD grant recipients that have successfully fulfilled all deliverables and outcome within the Period of Funding stipulated in the Letter of Award, please complete and submit the following documents (where relevant) to e2i in accordance to the submission timeline stipulated in your Letter of Award:
Overview
For Programmes with funding $100,000 and above or where the cumulative disbursement to the company is $100,000 and above, in the calendar year and across earlier calendar years (if applicable), the Company/Employer shall submit an externally audited Statement of Grant Claim (SOGC) for the required Programme(s) within three months from the end of the latest calendar year.
For the avoidance of doubt, the Company/Employer shall also submit the abovementioned documents in all cases where the Company/Employer is disqualified from receiving the Grant and when the Company/Employer chooses to withdraw the Programme from the Grant. e2i retains the right to request for the audit even after the Letter of Offer has closed, in other words, after all the disbursements have been processed and funding period has ended.
Overview
For Programmes with funding above $5 million, the Company/Employer shall also submit an externally audited Income & Expenditure (I&E) report for the Programme, which includes Programme-specific income & expenditure statement prepared based on Singapore Financial Reporting Standards and the programme manager/partner’s accounting policies, within six months from the end of the Period of Funding.
For the avoidance of doubt, the Company/Employer shall also submit the abovementioned documents in all cases where the Company/Employer is disqualified from receiving the Grant and when the Company/Employer chooses to withdraw the Programme from the Grant. e2i retains the right to request for the audit even after the Letter of Offer has closed, in other words, after all the disbursements have been processed and funding period has ended.
How to Withdraw
Companies/Employers who tap on e2i’s Grant to run programmes, and wish to withdraw the programme from the grant prior to its completion will have to write to e2i with its reasons for withdrawal.
Please submit a Letter of Withdrawal if you are a company/employer who wish to withdraw an existing programme with e2i under the following:
- Inclusive Growth Programme
- e2i Training Grant (for PD/PnT/TnP/PCP/CCP)
*Note: All amounts received under the Grant (including interest on the sum, if any) prior to the termination of the project will have to be repaid to e2i.
Taxability of Grants to Business
The nature of a grant and its taxability is dependent on the purpose of giving the grant (i.e. the grantor’s motive). In general, all grants extended to businesses are taxable, except for grants that are capital1 in nature.
Taxability of Grants from Ministries and Statutory Boards
| Grantor’s Motive | Nature of Grant | Tax Implication | Example | |
|---|---|---|---|---|
| (i) | To supplement income or defray operating costs | Revenue | Taxable | Grants for training employees or meeting rental expenses |
| (ii) | To fund infrastructure or fixed asset investments | Capital | Not taxable | Grants for acquiring machinery |
| (iii) | To fund project without stating specifically whether funding is to defray operating costs (i) or to fund infrastructure (ii) | Revenue | Taxable | Grants for funding a project without stating whether it is to be used specifically for training employees or acquiring machinery (hybrid grants2 ) |
1 Generally, grants disbursed to businesses specifically earmarked for funding of infrastructure or fixed asset investments are considered capital in nature.
2 Subject to the achievement of certain desired outcomes, a Ministry or Statutory Board may allow the freedom to utilise the approved funds as they deemed fit. Such grants or financial support are otherwise known as “hybrid grants”.