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The Productivity and Innovation Credit ("PIC") scheme is a scheme that supports investments in innovation and productivity. It provides tax benefits on investments made by businesses in six productivity improvement activities:
* Acquisition of leasing of PIC automation equipment;
* Training of employees;
* Acquisition of intellectual property rights;
* Registration of patents, trademarks, designs and plant varieties;
* Research and development activities; and
* Investment in approved design projects.
Under the PIC scheme, all business can enjoy tax deduction/allowances at 400% on up to $400,000 of their expenditure per year on each of the six qualifying activities mentioned above.
In addition, businesses can also exercise an option to convert their expenditure into a non-taxable cash payout.
You are encourage to find out more about how the PIC scheme can support your business as you innovate and improve your business' productivity.
Should you have any queries on PIC scheme, please contact IRAS at 1800-356-8622 or email to email@example.com