Your business can enjoy 400% tax deductions/ allowances and/or 60% cash payout for investment in innovation and productivity improvements under the Productivity and Innovation Credit (PIC) scheme. The tax benefits under PIC are available from Years of Assessment (YAs) 2011 to 2015, on investment in any of the six qualifying activities.
|What Qualifies for PIC||How PIC Benefits You||How to Claim|
|Invest in Six PIC Qualifying Activities||400% Tax Deductions||Claim in Income Tax Return|
|Cash Payout Option||Submit PIC Cash Payout Form to IRAS|
|PIC Bonus||No Separate Application Required.
Claim together in the Income Tax Return or PIC Cash Payout Application.
|Most Commonly Claimed Activity||What Equipment Qualifies||How to Apply|
|IT and Automation Equipment||Equipment in Prescribed List of PIC IT
and Automation Equipment
|No approval is required|
|Equipment Approved on Case-by-Case Basis||Submit Application for Approval of Equipment for PIC Form|
|Examples of IT and Automation Equipment Qualifying for PIC
PIC CASH PAYOUT
To know more about how PIC can help you build your business website, hardware and IT systems to make your business more productivity and innovative or about PIC Cash payout. Contact us by click here for a free IT consultation on PIC scheme, response within 24 hours !
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