Productivity and Innovation Credit Scheme (PIC)

Coverage

Tax Deductions

400% tax deductions on up to $400,000 of spending per year in each of the six qualifying activities.

Cash Payout

Option to convert up to $100,000 of total spending in all six activities for each YA into a non-taxable 60% cash payout, in lieu of the tax deduction/allowance.

Criteria

Tax Deductions

  • Carries on active business operations in Singapore.
  • Incurred qualifying expenditure and are entitled to PIC during the basis period of qualifying YA.

Cash Payout

  • Carries on active business operations in Singapore.
  • Incurred qualifying expenditure and are entitled to PIC during the basis period of qualifying YA.
  • Meets the three-local-employee condition.
  • Minimum qualifying expenditure for each cash payout option application is $400.

7 Steps for applying and claiming

  • 1  Check for eligibility
  • 2  Share your requirements with us
  • 3  Project specifications & Quotation finalized
  • 4  Proceed with project commencement
  • 5  Completion of Project & Payment
  • 6  Do up paperwork & submit to IRAS in the relevant quarter
  • 7  Wait for re-imbursement *Duration: 2 – 3 months