IRAS PIC

IRAS PIC – Productivity Innovation Credit 

Singapore Government assist business by providing 400% tax deduction or 60% cash payout for investments in innovation and productivity improvements under the Productivity and Innovation Credit (PIC) scheme.

Download Brochure about PIC

Download FAQ about PIC

Download IRAS e-Tax Guide – PIC 2nd Edition

 

The tax benefits under PIC are available from Years of Assessment (YA) 2011 to 2015, on investments in any of the six qualifying activities.

  • Acquisition or leasing of PIC Automation Equipment
  • Training of employees
  • Acquisition of Intellectual Property Rights
  • Registration of patents, trademarks, designs and plant varieties
  • Research and development activities
  • Design projects

http://www.iras.gov.sg/irasHome/page04.aspx?id=13838

 

There are 2 options for PIC

 

Email address: picredit@iras.gov.sg

Call IRAS (8 am to 5 pm from Mondays to Fridays):

  • Companies 1800-356 8622
  • Self-employed/partnership (+65) 6351 3534

 


 

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Productivity Innovation Credit (PIC) 400% Tax Deduction/Allowances

Businesses can enjoy 400% tax deduction/allowances on up to $400,000 of their expenditure per year in each of the six qualifying activities, instead of the 100% deduction/allowances under the existing tax rules. Year of Assessment (YA) Expenditure Cap per Qualifying Activity* Tax Deduction per Qualifying Activity 2011 and 2012 (Combined) $800,000 $3,200,000 (400% x $800,000) 2013 to 2015 …

Productivity Innovation Credit (PIC) Cash Payout

Eligible businesses can apply to convert up to $100,000 of their total expenditure in all the six qualifying activities into a non-taxable cash payout. The cash payout option is to support small and growing businesses which may be cash-constrained to innovate and improve productivity. The maximum cash payout is calculated as follows: Year of Assessment (YA) Expenditure Cap for All Qualifying Activities …