Companies can finance up to 68% of their eligible expenditures for each of the six qualifying activities thanks to the Productivity and Innovation Credit (PIC) scheme.
Companies can finance up to 68% of their eligible expenditures for each of the six qualifying activities thanks to the Productivity and Innovation Credit (PIC) scheme. In addition, eligible companies can also get up S$ 195,000 in cash to grow their business for the period 2013-2015 based on their investments for innovation and productivity.
Those benefits are available from Years of Assessment (YAs) 2011 to 2015 on investment done in six qualifying activities:
In addition, PIC includes several options to bring more flexibility to smaller innovative companies for example, who may be cash-constrained :
Under the PIC, businesses can convert up to S$100,000 of their total qualifying expenditures into a non-taxable cash payout.
« Since 2012, GAC has helped us to get cash by optimizing and securing our PIC Scheme in a timely manner. Our relationship with GAC has proven to be efficient and reliable, I would recommend their services. »
The Tax Deferral option allows businesses to defer up to S$100,000 in taxes for any Singapore dollar invested in qualifying innovation-related expenditure during the current financial year.
Latest update – From YAs 2013 to 2015, your business may also enjoy a PIC Bonus, a dollar-for-dollar matching cash bonus given on top of the existing incentives under certain conditions.
Global Approach Consulting helps companies to manage, optimize and secure their Productivity and Innovation Credit scheme. Our methodology and expertise help companies in detecting all projects and investments eligible under the PIC, as well as adopting the best scenario in line with the company projects.
By working with GAC, you will set up good practices and increase your financial performances!