FOR WHO?

All businesses are eligible for the Productivity and Innovation Credit (PIC)

FOR WHEN?

From Years of Assessments (YAs) 2012 – 2015

FOR WHAT?

PIC covers EXTERNAL TRAINING & IN-HOUSE TRAINING, Specifically;

Training fees paid to the external training provider qualify for the enhanced deduction/cash payout under PIC. This includes registration or enrollment fees, examination fees, tuition fees. Rental expenses for external training premises, meal and refreshments provided during the courses, training materials and stationery separately incurred would also qualify for enhanced deduction/payout under PIC.

HOW MUCH?

Cash payouts of 60% for up to $100,000 of your company's training investment with us. This will apply from this year 2012 onwards

Also, your company can now claim and obtain such cash payouts on a quarterly basis instead of at the end of the financial year, starting from July 2012.

For instance, you invest $10K in training from now to Jun 2012. Your company can claim on 1 July from the Govt $6K and obtain cash by 30 Sep 2012

HOW TO APPLY

Businesses applying for the cash payout must complete and submit the PIC Cash Payout Application Form directly to IRAS.