Choose from a 400% tax deduction or a 60% cash payout for your investments in productivity and innovation activities. Building competency has never been easier.
Enjoy real savings on productivity and innovation initiatives with the Productivity and Innovation Credit (PIC).
For details on the six qualifying activities, please click here.
* Cash Payout option
Eligible businesses can apply to convert up to $100,000 of their total expenditure in all the six qualifying activities into a non-taxable cash payout.
To qualify, businesses must be sole-proprietorships, partnerships or 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.
- At least three 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.
Your business satisfies the condition for three local employees if it contributes CPF on the payroll of at least three local employees in the relevant month.