What is Productivity and Innovation Credit Scheme?
The PIC scheme was introduced to encourage productivity and innovation activities in Singapore. It provides support to businesses to encourage them to make investment to improve their company’s productivity.
How can you benefit from PIC?
PIC can help SME benefit in the following ways:
Tax Deductions/ Allowances
400% tax deductions/ allowances on up to $400,000 of spending per year in each of the six qualifying activities.
Submit PIC Cash Payout Application Form online anytime after end of relevant financial quarter (for YAs 2013 to 2018) but before the filing due date of Income Tax Return for the relevant YA.
No separate application needed. IRAS will compute the PIC Bonus based on PIC qualifying expenditure declared in your Income Tax Return or PIC Cash Payout Application Form, subject to an overall cap of $15,000 for all three YAs (YAs 2013 to 2015).
All businesses, including sole proprietorships, partnerships, companies, registered branches and subsidiaries of a foreign parent or holding company, are eligible for PIC.
Have a Question? Call Us at 66537904 to find out more.
We are happy to assist you in every way. Provide you IT solutions that will improve your company’s productivity.