The PIC grant encourages small to medium enterprises to invest in innovation and improve productivity levels.
From YA 2011 to YA 2018, companies are entitled to 60% cash payout per year on investments in software and hardware, including employee training and coaching programmes.
By tapping into this PIC grant scheme, businesses in Singapore are able to claim up to $100, 000 of their total expenditure into a non-taxable cash payout amounting to 60% of the incurred expenses. This allows and helps the business to grow as an organisation and make their services and products more affordable to their customers, while increasing efficiency and productivity levels.
WHAT IS IT FOR
6 Qualifying Activities under PIC
Acquisition & Leasing of PIC IT and Automation Equipment
Acquisition and In-licensing of Intellectual Property Rights
Design projects approved by Design Singapore Council
Registration of Patents, Trademarks, Designs and Plant varieties
HOW CAN I CLAIM PIC?
First of all, to qualify and be eligible for the PIC Grant, the company must be registered in Singapore and have in their employment, three staff who have an approved CPF contribution.
An application form should then be submitted to IRAS, which will then be assessed on a case-by-case basis.
Approval may take up to six weeks, and once the process is complete, a PIC Bonus Notice will be sent to the company.
Once approval has been stamped on your application, the company is then eligible to apply for the cash payout and deductions or allowances on their income tax return.
When is the application period?
The application form may be submitted to IRAS any time after accounting year-end, but no later than two months before the deadline of the company’s income tax return filing for that year.
Who is eligible?
For more information on the conditions and requirements regarding the PIC Grant cash payout, please visit :
The company must have incurred the qualified expenditure for the qualifying YA. These expenses may include investments in employee training, development, research and design projects.
The company must be an active, registered company in Singapore.
Employ at least 3 local staff that have an approved CPF contribution. This excludes sole-proprietors, partners under service contracts and shareholders who are directors.
HOW CAN WE HELP?
We handle the full process from preparation of all relevant documents through to submission of your application.
At any stage of the application or tender preparation process, we provide full support in assisting to complete the more challenging and difficult sections.
We also aid in collating all necessary supporting documents, such as business plans, position descriptions, resumes, support letters, policies and procedures for the application.
We are able to help deliver the PIC Grant reports under the contractual terms of the funding agreement