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Overview of "PIC Benefits"

Now is your "CHANCE" to implement

PIC
PIC stands for Productivity and Innovation Credit. It is grants from Singapore government (IRAS) to encourage companies’ productivity and innovation activities in Singapore
Benefits of PIC
You can choose either one of the two below.

1. “400% Tax Deductions” on up to S$400,000 of expenditure per year. (*The expenditure cap might be conbined with other Year of Assessment (YA) )

or

2. “60% Cash Payout” on up to S$100,000 of expenditure per year.
Eligible Companies for PIC
All businesses are eligible for PIC, if they have incurred expenditure in any of the six qualifying activities.

1.Acquisition and leasing of PIC Information Technology (IT) and Automation Equipment;
2.Training of employees;
3.Acquisition and In-licensing of Intellectual Property Rights;
4.Registration of patents, trademarks, designs and plant varieties;
5.Research and development activities; and
6.Design projects approved by DesignSingapore Council.

The new system implementation falls into No.1 in the above.
How to Apply
1.In case of 400% Tax Deductions, you canclaim in "Income Tax Return".
2.In case of 60% Cash Payout, submit PIC Cash Payout Application Form and Hire PurchaseTemplate to IRAS.
The form is available on IRAS website.
PIC Deadline
PIC scheme is available until "YA2018".
PIC Example

In YA2015, you purchase new system for S$400,000.
Scenario 1: Use "400% Tax Deductions"

400% x S$400,000 x 17% = S$1,600,000 Tax Deductions
(About JPY136,000,000)

Scenario 2: Use "60% Cash Payout"

60% x S$100,000 x 17% = S$60,000 Cashback
(About JPY5,100,000)

※Expenditure Cap S$60,000
Singapore government are willing to support companies in Singapore for productivity.

Therefore,
there is no reason the companies in Singapore do not enjoy “PIC Benefits” from IRAS.

PIC scheme is available until YA2018.


Fore more details about PIC, please visit IRAS website.