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Productivity & Innovation Credit (PIC) Scheme. 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: How the PIC Scheme Benefits You. 6 Qualifying Activities. Qualifying Conditions.
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.
How the Productivity & Innovation Credit (PIC) Scheme Benefits You. 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: Tax Deductions/Allowances. Cash Payout. FAQs. Related Content.
Introduced in Budget 2010, and later enhanced in Budgets 2011, 2012, 2013 and 2014, the PIC scheme encourages businesses to get significant tax deductions or payouts for investments in research and development, innovation, automation and training.
The PIC+ scheme is available from YAs 2015 to 2018. Under the PIC+ scheme, the expenditure cap for qualifying SMEs is increased from $400,000 to $600,000 per qualifying activity per Year of Assessment (YA).
The Productivity Solutions Grant (PSG) was launched on April 2018 to help businesses enhance their processes with technology. It provides financial support for business owners to adopt pre-scoped IT solutions, equipment and consultancy services to improve productivity.
Business Grants Portal brings government grants for businesses into one place, so it’s easier to find and apply for the grants you need. Find out more.
The PSG supports businesses in the adoption of IT solutions/equipment/consultancy service that improve productivity. Unless otherwise stated, only the actual purchase/lease/hire cost of the pre-approved equipment or pre-approved IT solution package is supportable.
May 4, 2018 · The popular Productivity and Innovation Credit (PIC) scheme would be phasing out this year, with PSG replacing it. PIC allowed businesses to enjoy 400% tax reductions on up to SGD400,000 of their expenditures. Eligible business could apply to convert their tax reductions into a cash payout.
Quick tips for Productivity Solutions Grant (PSG) applications. For a smoother PSG application process, here are some commonly asked questions and tips to guide you along.
