The Productivity & Innovation Credit (PIC) Scheme
WHAT IS PIC?
The Inland Revenue Authority of Singapore (IRAS) has introduced the Productivity and Innovation Credit (PIC) for businesses to enjoy 400% tax deductions/ allowances and/or 60% cash payout. The tax benefits under PIC are available from Years of Assessment (YAs) 2011 to 2018. It was introduced to encourage productivity and innovation activities in Singapore through supporting businesses that make investments to improve their productivity.
You may consider to apply for the PIC to defray the cost of our training services, subject to terms & conditions by IRAS
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For YA 2012 to YA 2018, qualifying training expenditure incurred on in-house training not accredited by the Workforce Development Agency (WDA) or approved/ certified by the Institute of Technical Education (ITE) will also qualify for PIC, subject to a cap of $10,000 for each YA. The claim must still be within the overall expenditure cap on training.