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Information about PIC
Source: IRAS website
PIC Scheme
Your business can enjoy 400% tax deductions/ allowances and/or 40% cash payout* (of up to $60,000) for investment in innovation and productivity improvements under the Productivity and Innovation Credit (PIC) scheme. These tax benefits enjoyed under PIC can help you cope with rising costs and encourage investments in productivity and innovation activities.
The tax benefits under PIC are for investment in any of the six qualifying activities as stated below.
- Training of Employees Training of Employees
- Purchase/Leasing of PIC IT and Automation Equipment
- Acquisition/In-licensing of Intellectual Property
- Registration of Intellectual Property
- Research & Development
- Approved Design Project
*Conditions for cash payout option
Note: The 3-local-employee condition does not apply to 400% tax deductions/allowances
From YAs 2013 to 2015
- Employed at least 3 local employees* (Singapore Citizens or PRs with CPF contributions, employees exclude sole-proprietors, partners under contract for service, shareholders who are also directors of companies) in the last month of the quarter or combined quarters in the basis period for the relevant YA
- Carrying on business operations in Singapore
From YAs 2016 to 2018
- Employed at least 3 local employees* (Singapore Citizens or PRs with CPF contributions, employees exclude sole-proprietors, partners under contract for service, shareholders who are also directors of companies) in all three months in the quarter or last three months of the combined consecutive quarters to which the cash payout option
- Carrying on business operations in Singapore
PIC Bonus
From YAs 2013 to 2015, your business can also enjoy a PIC Bonus, a dollar-for-dollar matching cash bonus given on top of the existing 400% tax deductions/ allowances and/or 40% cash payout.
Businesses can also enjoy the PIC Bonus from YAs 2013 to 2015 when they invest a minimum of $5,000 per YA on PIC qualifying expenditure. The PIC Bonus is a dollar-for-dollar matching cash bonus given to businesses, capped at $15,000 for all 3 YAs combined.