Have you tapped on your PIC Grant for your IT purchases or training expenditure?

Under the Productivity and Innovation Credit (PIC Grant) scheme, your business can enjoy:

The tax benefits are available from the Years of Assessment (YAs) 2011 to 2018, for investments in website development and employee training under Acquisition or Leasing of PIC IT and Automation Equipment or Employee Training Scheme respectively:

From YA 2014 to YA 2018
PIC benefits can be claimed on capital expenditure incurred on developing a website, including costs incurred for the one-time registration of a domain name for the website.

SME’s can enjoy substantial tax savings in the form of cash payout or tax deduction when they invest in either the Acquisition or Leasing of PIC IT and Automation Equipment or Employee Training Scheme.

Qualifying Conditions:

  • Employ 3 local Employees with CPF Contributions
  • Active Business Operations with Sales in Singapore.

If you are unsure about your eligibility or have any questions on PIC, please feel free to contact us.

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PIC Grants Singapore

As introduced in Budget 2014, the PIC+ scheme is an enhancement of the existing PIC scheme , and will take effect from YA2015 to 2018. Under the new PIC+ scheme, qualifying SMEs can look forward to an increased expenditure cap of S$600,000 (up from S$400,000) for each of the six qualifying activities per YA. This means that SMEs that have hit the combined cap of S$1.2 million can now claim tax deductions for up S$1.8 million.