Productivity & Innovation Credit (PIC)

Overview

The Productivity & Innovation Credit (PIC) allows businesses to invest in innovation and productivity improvements with the following benefits:

  • 400% tax deductions/ allowances

  • 60% cash payout


Eligibility Criteria

All businesses are eligible for PIC as long as they invest in the following six criterias:

  • Acquisition and leasing of PIC Information Technology (IT) and Automation Equipment;

  • Training of employees;

  • Acquisition and In-licensing of Intellectual Property Rights;

  • Registration of patents, trademarks, designs and plant varieties;

  • Research and development activities; and

  • Design projects approved by DesignSingapore Council.

Businesses have to obtain prior approval from the DesignSingapore Council for their design projects. For the other five activities, approval is not required to claim the tax benefits under PIC.

How to Claim PIC
How PIC Benefit You How to Claim
PIC Scheme: 400% Tax Deductions on up to $400000 of expenditure per year
Claim in Income Tax Return
PIC + Scheme: 400% Tax Deductions on up to $600000 of expenditure per year from YAs 2015 to 2018
Submit PIC Cash Pay-out Application Form and Hired Purchase-Template*
PIC Bonus No Separate Application Required. IRAS will process PIC bonus automatically based on information declared in income tax return or PIC cash pay-out application form.

* You can submit your PIC Cash Pay-out Application Form here.
* You can also download your Hired Purchase Template here.

The above was copied from IRAS website, more details can be obtained from: http://www.iras.gov.sg/irashome/PIcredit.aspx#About_Productivity_and_Innovation_Credit

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