PIC Scheme Covers SMEs To
Invest In Innovation & Productivity

Web design and business application development are
guaranteed qualifying activities that can be claimed.

IDA iSprint

Infocomm solutions with up to 70% subsidy of qualifying costs.


PIC Scheme

Get 400% tax deductions or 60% cash payout from IRAS for solutions by EI


CDG

Take your business to the next level with the Capability Development Grant by SPRING

PIC Scheme

Under the Productivity and Innovation Credit (PIC) Scheme from IRAS, businesses can enjoy 400% tax deductions/allowances or 60% cash payout under any of the six qualifying activities from YA 2013 to 2018.

Eligibility

All businesses, including sole proprietorships, partnerships, companies, registered branches and subsidiaries of a foreign parent or holding company, are eligible for PIC.

Under the qualifying activity of PIC IT and Automation Equipment, Enrich Innovations has successfully assisted clients in claiming for the following types of projects:

  • Website Design
  • Web Development
  • Business Application Development
  • Opensource Solutions
  • IT hardware and Networking Equipment
  • Business Systems

Process

The claims process is fast and simple for both tax deduction and cash payout claims.

Tax Deduction – No prior approval from IRAS is required. Claim enhanced deductions/ allowances in your Income Tax Return for the relevant YA by the filing due date.

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Based on Corporate Tax 17%, tax deduction savings will be
$17,000 of the $25,000 spent

Cash Payout – Submit PIC Cash Payout Application Form online anytime but before the filing due date of Income Tax Return for the relevant YA. Cash payout will be made each quarter by IRAS.

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