The PIC scheme was introduced to encourage productivity and innovation activities in Singapore. It provides support to businesses that make investments to improve their productivity. Businesses investing in our 3D solutions may apply PIC to enjoy possible tax deductions or allowances.
|Tax Deductions/ Allowances||400% tax deductions/ allowances on up to $400,000 of spending per year in each of the six qualifying activities.|
PIC + Scheme
|Cash Payout||For qualifying expenditure incurred from YA 2013 to 31 July 2016, the cash payout is 60%.|
For qualifying expenditure incurred on or after 1 August 2016 to YA 2018, the cash payout conversion rate will be at 40%.
Do I qualify for PIC?
To qualify for PIC, businesses must have invested in one of the six PIC Qualifying Activities. Our solutions fall under “Acquisition and Leasing of PIC IT and Automation Equipment” category.
How do I submit my claim?
|Tax Deductions/Allowances||Other than design projects, no prior approval from IRAS is required. Claim enhanced deductions/ allowances in your Income Tax Return for the relevant YA by the filing due date.|
|Cash Payout||Submit PIC Cash Payout Application Form online anytime after end of relevant financial quarter (for YAs 2013 to 2018) but before the filing due date of Income Tax Return for the relevant YA.|
Visit IRAS website to find more details on your PIC eligibility. Otherwise, talk to our friendly account managers and we will share with you more on the application procedures.