Productivity and Innovation Credit (PIC) Scheme-
It is a business grant announced by the IRAS in 2011 to encourage local businesses to invest in productivity and innovation activities
How PIC Cash Payout and PIC Bonus Benefit Your Business?
Your business can enjoy:
a) 60% cash payout, plus
b) 100% PIC bonus (subject to an overall cap of $15,000 for all 3 YAs combined)
To be eligible for the PIC bonus, businesses must have:
- incurred at least $5,000 in PIC-qualifying expenditure during the basis period for the YA in which a PIC Bonus is claimed;
- active business operations in Singapore; and
- at least 3 local employees.
IRAS will pay your company S$5,000 AND an additional 60% of $5,000 which is $3,000.
So in total, your company will get back $8,000.