Cash Payout

Who is eligible?

 

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Employ at least 3 local employees (Singapore Citizens/PR) with CPF contributions, excluding shareholders who are directors of the company
Carry on business operation in Singapore
All business benefit, especially SMEs

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Items that can be claim under P.I.C/Six PIC Qualifying Activities

 

Purchase/leasing of PIVC IT and Automation Equipment (eg. Computer, Software, point of sale system etc.)
Research and Development (R&D)
Registration of Intellectual Property Rights (IPR)
Acquisition of Intellectual Property rights
Training Of Employees
Approved Design project

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Benefits

400% tax deductions/ allowances and/or 60% cash payout for investment in innovation and productivity improvements under the Productivity and Innovation Credit (PIC) scheme.  The tax benefits under PIC are available from Years of Assessment (YAs) 2011 to 2018, for investment in any of the six qualifying activities.

From YAs 2013 to 2015, your business can also enjoy a PIC Bonus, a dollar-for-dollar matching cash bonus given on top of the existing 400% tax deductions/ allowances and/or 60% cash payout.

Find out more about the PIC scheme in the table below.

How to Apply

What Qualifies for PIC How PIC Benefits You How to Claim
Invest in Six PIC Qualifying Activities

PIC Scheme: 400% Tax Deductions on up to $400,000 of expenditure per year

PIC+ Scheme: 400% Tax Deductions on up to $600,000 of expenditure per year from YAs 2015 to 2018

Claim in Income Tax Return
PIC Cash Payout: Cash payout on up to $100,000 of expenditure per year Submit PIC Cash Payout Application Form and Hire Purchase-Template* Revised! to IRAS

Applicable if you are claiming cash payout on PIC IT and Automation Equipment acquired under a hire-purchase agreement entered into during the basis period for Years of Assessment 2013 to 2018
PIC Bonus No Separate Application Required. IRAS will process PIC bonus automatically based on information declared in income tax return or PIC cash payout application form. 

Most Commonly Claimed Activity

IT and Automation Equipment

What Equipment Qualifies

• Equipment in Prescribed List of PIC IT and Automation Equipment Revised!
• Equipment Approved on Case-by-Case Basis
Examples of IT and Automation Equipment Qualifying for PIC (By Industry)

• No approval is required
• Submit Application for Approval of Equipment for PIC Form 

For more information on PIC, please click here