Since 2011, the Productivity and Innovation Credit (PIC) scheme, managed by IRAS, has helped many businesses increase productivity and innovation, resulting in improved competitiveness and lower operating costs. In fact, companies can enjoy a 400% tax deduction and/or 40% cash payout for investment in the six qualifying activities below:
- Research & Development
- Registration of intellectual property rights such as trademarks and patents
- Acquisition of intellectual property
- Acquisition and leasing of PIC information technology (IT) and automation equipment
- Employee training
- Design projects approved by Design Singapore Council
To qualify for the PIC cash payout option, businesses must have active business operations in Singapore with at least 3 local employees for whom they contribute CPF for three months before the date of the PIC claim.
Is your company eligible to receive these benefits?
Let Accede assess your situation and determine whether your business is in a position to enjoy these incentives. Our consultants can assist you with the application of PIC claims to IRAS. We can also advise on compliance matters so that your business avoids the common pitfalls that many other companies have encountered.
Take your productivity to the next level by speaking to us today.