Singapore’s SMEs have benefited greatly from the Productivity and Innovation Credit (PIC) Scheme over the last few years and it’s coming to an end this year.
From the IRAS website:
Under the PIC Scheme, businesses enjoy 400% tax deductions/allowances for qualifying expenditure incurred in any of the Six Qualifying Activities from the Years of Assessment (YAs) 2011 to 2018. For YA 2013 to 31 Jul 2016, eligible businesses can also exercise an irrevocable option to convert qualifying expenditure of up to $100,000 for each YA into cash, at a conversion rate of 60%. For qualifying expenditure incurred on or after 1 Aug 2016, the cash payout conversion rate will be reduced from 60% to 40%. The PIC scheme will lapse after YA 2018.
Activities like website development and training that are completed by 31 Dec 2017 will qualify for PIC. Contact us now to boost your business and get your PIC before it ends!