Enhancement of Productivity and Innovation Credit (PIC) Scheme

Monday, February 10, 2012

Enhancement of PIC Scheme

Minister for Finance Tharman Shanmugaratnam said businesses will be given more cash upfront for their investments provide a 60% cash payout for up to $100,000 of firms’ PIC expenditures.This means a S$60,000 payout from the Government, compared to the S$30,000 previously.

Business will get their cash payout faster. From 1 July 2012, companies will be able to apply for and obtain their cash payouts on a quarterly basis.

Companies can claim PIC benefits on their in-house training not certified by Singapore Workforce Development Agency (WDA) or Institute of Technical Education (ITE), up to S$10,000 a year.

The cash payout will be extended from YA 2013 to YA 2015. The cash payout cannot be combined on expenditure across the 3 YAs.

Read more at http://http://www.iras.gov.sg/irashome/PIcredit.aspx

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