– The Productivity and Innovation Credit (PIC) scheme will be extended for three years till Year of Assessment 2018.
PIC cash payout
With effect from Year of Assessment 2016, businesses applying for PIC cash payout will have to meet the three-local-employees condition for a consecutive period of at least three months prior to claiming the cash payout.
The expenditure cap for PIC cash payout will remain at $100,000 of qualifying expenditure per year of assessment.
Cash payout (non-taxable) at 60% of cost – cost up to $100,000
- IRAS Six Qualifying Activities under PIC
- How to use PIC Grant