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Singapore Productivity and Innovation Credit (PIC) Scheme Presented by Tax Accountants Pte Ltd

by Tax Accountants on Jun 30, 2011

The Productivity and Innovation Credit ("PIC") was introduced in the Singapore Budget 2010.

The PIC scheme has been enhanced in Singapore Budget 2011 to provide tax benefits (ie. enhanced deduction/allowances up to 400%) for investments by businesses in 6 PIC-qualifying activities. The tax benefits under PIC will be effective from Years of Assessment (YA) 2011 to YA 2015.

The 6 PIC-qualifying activities are:
• Acquisition or leasing of prescribed automation equipment;
• Training of employees;
• Acquisition of Intellectual Property Rights;
• Registration of patents, trademarks, designs and plant varieties;
• Research and development activities; and
• Investment in approved design projects.


Tax Benefits under the PIC Scheme




Option for PIC Cash Payout

You may also elect for cash payout instead of claiming for enhanced PIC...Read More >>



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Singapore SME Cash Grant and Corporate Income Tax Rebate Presented by Tax Accountants Pte Ltd

by Tax Accountants

For Year of Assessment (YA) 2011, companies will receive:
1) A Corporate Income Tax (CIT) Rebate; or
2) A SME Cash Grant,
whichever is the higher amount.


Corporate Income Tax (CIT) Rebate

A 20% CIT rebate, subject to a cap of $10,000, will be allowed to each company for YA 2011. The CIT rebate will be computed on the tax payable amount after deducting tax set-offs (e.g. double tax relief and unilateral tax credit).


One-Off SME Cash Grant

Recognising that many small companies are not taxable and...

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