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Productivity & Innovation Credit Claim (PIC Claim)

The Productivity and Innovation Credit (PIC) Scheme was first introduced in the Singapore Budget 2010 with further enhancement announced in the Singapore Budget of subsequent years. The objective of the PIC is to encourage Singapore businesses to acquire productivity and innovative solutions with the support of the Singapore government. The Inland Revenue Authority of Singapore is the administrator of the scheme. The PIC provides a 400% tax deduction/allowances or Cash Payout for expenditure in any of the six qualifying activities from Years of Assessment (YAs) 2011 to 2018. 

From YAs 2013 to 2015, business may also enjoy a Productivity and Innovation Credit Bonus (PIC Bonus), a dollar-for-dollar matching cash bonus given on top of the existing 400% tax deductions/allowances and/or cash payout.

PIC Claim Advisory

Astab provides PIC Claim Advisory helping businesses understand about the PIC and PIC Bonus and advise them on possible equipments and solutions that can help them achieve the objective the PIC grant. Astab also help businesses apply for the Productivity and Innovation Credit Cash Payout (PIC Cash Payout) and submission of application for items that requires IRAS approval.

Please visit our Productivity and Innovation Credit Information Page to learn more about the details of the PIC Scheme.