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For companies

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.

What Qualifies for PIC

How PIC Benefits You

 How to Claim

Invest in Six PIC Qualifying Activities
  • Claim in Income Tax Return
  • 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
  • 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

What Equipment Qualifies

How to Apply

IT and Automation Equipment
  • No approval is required

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:

Date Summary

Sep 2013

Feb 2014

Aug 2014

 Seminar

Register for PIC seminar

Contact Us

Please contact us for assistance or clarification on PIC.

  • Email address:
    picredit@iras.gov.sg
  • Call us (8 am to 5 pm from Mondays to Fridays):
    Companies 1800-356 8622
    Self-employed/partnership (+65) 6351 3534

 

 

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Last Updated on 18 September 2014


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