All businesses are eligible for the Productivity and Innovation Credit (PIC)
From Years of Assessments (YAs) 2012 – 2015
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.
Cash payouts of 60% for up to $100,000 of your company's training investment with us. This will apply from year 2012 to 2015.
Your company can claim and obtain such cash payouts on a quarterly basis.
For instance, if you spend $10K in training, your company can claim (after training) from the Govt, $6K and obtain cash 3 months after application.
HOW TO APPLY
To Apply, trainees must first Register, Attend & Complete Payment for their preferred training program.
Thereafter, you must complete and submit the PIC Cash Payout Application Form directly to IRAS.
FULL DETAILS ON THE "PIC" SCHEME
CALL Companies 1800 356 8622
Self-employed/partnership 6351 3534
* For the benefit to our clients, we have summarised critical information on the Enhanced PIC scheme on this page, taken directly from www.iras.gov.sg. All Information on this page is deemed accurate at its time of publishing. Clients should contact IRAS and their agents directly for the latest updates & forms to the scheme or to verify their eligibility for PIC.
|Productivity & Innovation Credit BENEFITS|
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