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The Productivity and Innovation Credit Scheme is an incentive rolled out to businesses in the form of cash payouts or tax deductions when they invest in six different qualifying activities that aim to boost the productivity of the company. 
 
A PIC bonus is given on top of the existing 400% tax deductions/ allowances and/ or 40% cash payout.
 
 
The six different qualifying activities include:
 
PIC grant, cash payout, IRAS grant for web development, web design, website design, webpage design, ecommerce website development, magento ecommerce development, CMS web development
Registration of Patents, Trademarks, Designs and Plant Varieties
Singapore web design company, ecommerce website design, ecommerce web development company, web design agency
Designs projects approved by Design Singapore Council
PIC cash payout for website design, web development, website development, web design, CMS web design, e-commerce development, ecommerce web development, online store setup, ecommerce web design.
Research & Development
PIC grant cash payout for web development projects, web design packages, CMS website develop by web designers, ecommerce development, online store design and e-commerce web design.
Acquisition and In-licensing of Intellectual Property Rights
IRAS PIC cash payout for website development, web design, CMS web development, Custom CMS web development, ecommerce website design, e-commerce web development.
Training of Employees
PIC Grant for web design, website development, e-commerce development, online store development, CMS website development, CMS web design, ecommerce website design
Acquisition & Leasing of PIC IT and Automation Equipment
 
 
Conditions for cash payout:

Businesses eligible to apply for the cash payout are sole-proprietorships, partnerships, companies (including registered business trusts) that have:
 
  • incurred qualifying expenditure and are entitled to PIC during the basis period for the qualifying YA;
  • active business operations in Singapore;
  • and at least 3 local employees (Singapore citizens or Singapore permanent residents with CPF contributions) excluding sole-proprietors, partners under contract for service and shareholders who are directors of the company. A business is considered to have met the 3-local-employees condition if it contributes CPF on the payroll of at least 3 local employees in the relevant month(s).

 

CONTACT ABOVE1

Above1 Pte Ltd
1A Kaki Bukit Road 3
Eastpoint Terrace
Singapore 417821

T: (65) 6634 6276
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