Productivity and Innovation Credit (PIC) Scheme
(last updated Mar 2013)
Good news! Your business can enjoy 400% tax deductions/allowances and /or 60% cash payout for investment in innovation and productivity improvements under the PIC scheme*. On top of it, from YAs 2013 to 2015, your business may also enjoy a PIC Bonus, a dollar-for-dollar matching cash bonus #. This means, for e.g. if you invest $15,000 in training for YA 2013-2015, you will receive your full investment back plus an additional cash-payout of $9,000!
For more info please refer to http://iras.gov.sg/irashome/PIcredit.aspx or contact us, we will be happy to explain these to you.
* Cap of $400,000 for tax deduction option and $100,000 for cash payout option per YA
# Up to $15,000 for YA2013-2015