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Businesses claiming cash payout must complete and submit the PIC cash payout application and relevant forms after the end of each quarter or combined consecutive quarters in the business' financial year, but not later than the filing due date of the Income Tax Return.
How to Apply for PIC Cash Payout. Share: The PIC scheme has expired after the Year of Assessment (YA) 2018. Businesses are not allowed to claim PIC benefits on expenditure incurred after the basis period of YA 2018. On this page: Applying for PIC Cash Payout. PIC Cash Payout Processing.
Prepare the supporting documents (e.g. invoices, payment details) for your qualifying PIC claims before entering the e-Service so that you can complete the form in one session.
While businesses can claim the 400% tax deductions/allowance while filing the tax returns (the due date is April 15 for sole-proprietorships and partnerships, and November 30 for companies), those applying for the cash payout must complete and submit the PIC Cash Payout Application Form directly to IRAS.
Arrange for the printed form to be signed by an authorised person as follows: mpany – company director, principal office. For partnership – partner; For sole-proprietorship – sole-proprietor. If the form is signed by any other person, please submit a letter of authority with the form.
Tax Savings – Productivity And Innovation (PIC) Scheme. General. Posted By. Dev Team. Productivity and Innovation Credit (PIC) was introduced in the 2010 Singapore Budget and enhanced in the subsequent two years budgets. This scheme supports all businesses who invest in innovation and productivity.
Apply now. About this programme. The Productivity Solutions Grant (PSG) helps Singapore companies improve their productivity and automate existing processes through IT solutions and equipment. Up to 50% of eligible costs for local SMEs. Sector-specific and generic solutions.
