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PIC Scheme by IRAS The Productivity and Innovation Credit (PIC) Scheme was introduced in the Singapore Budget 2010 to help SMEs achieve significant tax deductions or payouts for investments in research & development,  innovation, automation and training.   In 2011 this year, the PIC Scheme has been further enhanced in Singapore’s 2011 Budget to provide tax benefits for investments by businesses in a broad range of activities along the innovation value chain. The tax benefits under PIC will be effective from 2011 up till 2015.   For this year, all businesses can enjoy deduction/allowances at 400% of their expenditure instead of the 100%/150% tax deduction/allowances under the existing tax rules.   SMEs in Singapore can thus be looking at 68% Tax Savings on money spent within the areas of the 6 qualifying activities. Thus for every $10,000 paid out by an SME, it will only cost them $3,200 after tax savings. 2011 is a great opportunity for SMEs to take advantage of the 400% tax deduction/allowance to look at what can be done to improve their businesses at a low cost.   Contact us to find out more about what can fall under the PIC Scheme tax savings
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Productivity & Innovation Credit Scheme
2nd March 2011
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