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Budget 2014: PIC scheme to be extended, new PIC+ scheme for SMEs SINGAPORE — The Government today (Feb 21) announced a slew of measures to further the push for greater productivity in the business sector, with a strong focus on supporting companies to leverage on innovation, infocomm technology (ICT) and internationalisation. Attention will also be given to managing foreign workforce growth, with the construction sector targeted for further tightening, while other industries will not see changes to the current rules. Unveiling Budget 2014 today, Deputy Prime Minister Tharman Shanmugaratnam announced that the Productivity and Innovation Credit (PIC) scheme will be extended for another three years to year of assessment 2018, at a cost of S$3.6 billion. “I will also introduce a PIC+ scheme for SMEs,” Mr Tharman said. The new scheme will raise the expenditure cap of the existing PIC to S$600,000 from year of assessment 2015. This means that SMEs can now claim tax deductions for up S$1.8 million. Enhancements to various other incentives and funds have also been announced. Source: todayonline   Contact us to find out more about what can fall under the PIC Scheme tax savings.
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Productivity & Innovation Credit Scheme
25th April 2014
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