Productivity and Innovation Credit (PIC) Scheme


Under the PIC Scheme, businesses can enjoy 400% tax deductions/allowances and/or 60% cash payout for investments made in any of the Six Qualifying Activities from the Years of Assessment (YAs) 2013 to 2018.

From YAs 2013 to 2015, businesses can also enjoy a PIC Bonus. This is a dollar-for-dollar matching cash bonus capped at $15,000, given on top of the existing tax deduction/allowance and/or cash payout. As announced in Budget 2015, PIC Bonus will expire in YA 2015.

Who is eligible?
All businesses, including sole proprietorships, partnerships, companies, registered branches and subsidiaries of a foreign parent or holding company, are eligible for PIC.

Qualifying Conditions for 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. (for 3 months)
  • Minimum qualifying expenditure for each cash payout option application is $400.

How do you apply for 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.

For more information on PIC, please visit

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