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“The Productivity and Innovation Credit (PIC), which gives firms tax deductions or cash grants when they invest to boost their capabilities, will be extended and broadened,” said Finance Minister Tharman Shanmugaratnam in Parliament on 21 Feb 2014. This was delivered in the 2014 Budget statement. The scheme, originally implemented in 2010 and due to expire this year, will be extended for another three years until 2018.
Productivity And Innovation Credit (PIC) Scheme is to help local businesses to increase their productivity & innovation. The Transport Fleet Management System is one of the prescribe list of equipment and systems claimable under PIC Scheme, 60% cash payout or 400% tax deductible.
Computation of Cash Payout
For example, if your investment in Productivity & Innovation activity of our Fleet Management System is S$2,000, you are eligible to claim 60% of it in cash payout (S$1,200).
If you are a SME, you can also tap on other government grant on the fleet management services before PIC scheme. This includes the new $5,000 Innovation & Capability Voucher (ICV) offered by SPRING SINGAPORE. ICV supports SMEs in the adoption and implementation of simple solutions to improve business efficiency and productivity.
Talk to us today and join our many customers that have benefited from PIC.
The above information is correct at the time of publishing. Employers are advised to seek the most up-to-date information on the PIC scheme from relevant authorities.