IRAS PIC – Productivity Innovation Credit
Many businesses are getting a complete IT makeover with the Productivity and Innovation Credit (PIC) scheme from IRAS. The PIC scheme aims to encourage enterprises to upgrade their capabilities by investing in a wide range of productivity and innovation-led activities.
Singapore Government assists businesses by providing 400% tax deduction or 60% cash payout for investments in innovation and productivity-led activities and improvements.
The tax benefits under the PIC scheme are available from Years of Assessment (YA) 2011 to 2015, businesses can enjoy huge tax savings in the form of Cash Payout and/or Tax Deduction when they invest in any of these six productivity improvement activities:
- Acquisition or leasing of IT and Automation Equipment
- Download full list of eligible IT equipment in PDF format from IRAS website
- Training of employees
- Acquisition of Intellectual Property Rights
- Registration of patents, trademarks, designs and plant varieties
- Research and development activities
- Design projects
IRAS web reference: http://www.iras.gov.sg/irasHome/page04.aspx?id=13838
There are 2 options for PIC
- 400% Tax Deduction/Allowances or 68% tax rebate
- 60% Cash Payout Option
View Brochure about PIC in PDF file
View FAQ in PDF file
View IRAS e-Tax Guide – 2nd Edition in PDF file
Enquiry email address:email@example.com
Call IRAS (8 am to 5 pm from Mondays to Fridays):
- Companies 1800-356 8622
- Self-employed/partnership (+65) 6351 3534
For details please go to http://www.iras.gov.sg
Do contact us below to discuss on the benefits of IRAS PIC for your company.