Applying for the PIC Cash Rebate (Singapore Businesses Only)

The Productivity and Innovation Credit Scheme (PIC) is managed by the Inland Revenue Authority of Singapore (IRAS). It enables Singaporean businesses to claim 40% of eligible expenses back in the form of a cash payout.  

Description

Date

Qualifying Cost

Qualifying Expenditure

PIC Cash Payout

Business Premium Plan Annual*

14 January 2017

$4,308

Yes

$4,308 * 40%

= $1,723


*You can choose another plan or monthly billing and claim the accumulated expenditure.

Qualifying conditions (for full conditions see IRAS website):

1. Carries on active business operations in Singapore
2. Meets the three-local-employee condition

How to claim for cash payout

e-File the PIC Cash Payout Application Form anytime after the end of the relevant financial quarter (for YAs 2013 to 2018) but before the filing due date of your Income Tax Return for the relevant YA.

TradeGecko is inventory management software and qualifies as’ Acquisition and Leasing of PIC IT and Automation Equipment’.

For more information see the PIC section on the IRAS website

https://www.iras.gov.sg/irashome/Schemes/Businesses/Productivity-and-Innovation-Credit-Scheme/

Or speak to your financial advisor.

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