A RECAP ON PIC CLAIMS.

Six Qualifying Activities

Acquisition and Leasing of PIC IT and Automation Equipment
Training of Employees
Acquisition and Licensing of Intellectual Property Rights (IPR)
Registration of Patents, Trademarks, Designs and Plant Varieties
Research and Development (R&D) Activities
Qualifying expenditure

PIC Benefits

Tax Deductions/ Allowances	400% tax deductions/ allowances on up to $400,000 of spending per year in each of the six qualifying activities. PIC+ Scheme From YAs 2015 to 2018, qualifying businesses can enjoy 400% tax deductions/allowances on up to $600,000. For more details, please refer to How PIC Benefits You.
Cash Payout	Option to convert up to $100,000 of total spending in all six activities for each YA into a non-taxable cash payout, in lieu of the tax deduction/allowance. For YAs 2013 to 2018, the cash payout rate is 60% of qualifying expenditure incurred. For more details, please refer to How PIC Benefits You.
PIC Bonus	A dollar-for-dollar matching cash bonus, subject to an overall cap of $15,000 over YAs 2013 to 2015 combined.

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Qualifying Conditions

Tax Deductions/ Allowances	Carries on active business operations in Singapore. Incurred qualifying expenditure and are entitled to PIC during the basis period of qualifying YA.
Cash Payout	Carries on active business operations in Singapore. Incurred qualifying expenditure and are entitled to PIC during the basis period of qualifying YA. Meets the three-local-employee condition. Minimum qualifying expenditure for each cash payout option application is $400.
PIC Bonus	Made a claim for 400% tax deductions/ allowances and/or cash payout. Carries on active business operations in Singapore. Meets the three-local-employee condition. Incurred at least $5,000 in PIC-qualifying expenditure during the basis period for the YA.

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Claiming PIC Benefits

Tax Deductions/ Allowances	Other than design projects, no prior approval from IRAS is required. Claim enhanced deductions/ allowances in your Income Tax Return for the relevant YA by the filing due date.
Cash Payout	Submit PIC Cash Payout Application Form online anytime after end of relevant financial quarter (for YAs 2013 to 2018) but before the filing due date of Income Tax Return for the relevant YA.
PIC Bonus	No separate application needed. IRAS will compute the PIC Bonus based on PIC qualifying expenditure declared in your Income Tax Return or PIC Cash Payout Application Form, subject to an overall cap of $15,000 for all three YAs (YAs 2013 to 2015).

Visit www.task.com.sg for more info.

https://www.iras.gov.sg/irashome/Schemes/Businesses/Productivity-and-Innovation-Credit-Scheme/