This page tells you how your business can enjoy 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.
Things to Look Out for If Engaging Consultants to File PIC Claims
The application process for PIC is simple and straightforward. To guide businesses in filing PIC claims, IRAS has published on its website a list of common mistakes to avoid when claiming PIC. Most businesses file their PIC claims themselves, but there may be businesses that prefer to engage PIC Consultants to assist them in claiming PIC benefits. Find out what you need to look out for if engaging consultants to file PIC claims.
IRAS takes a serious view of any abuse of PIC scheme
IRAS takes a serious view of taxpayers who defraud the government. Offenders convicted of PIC fraud will have to pay a penalty of up to four times the amount of cash payout fraudulently obtained, and a fine of up to $50,000 and/or imprisonment of up to five years.
List of offenders convicted of PIC abuse:
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Please contact us for assistance or clarification on PIC.
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