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The qualifying period for PIC is now extended to Year of Assessment 2018! Under the new PIC+ scheme, the qualifying expenditure eligible for tax deduction is now increased to $600,000 per year for SMEs! (Budget 2014)
Who is eligible to claim for PIC?
All businesses in Singapore that carry on a trade or business for tax purposes.
Conditions to claim Cash Payout
Businesses that are sole-proprietorships, partnerships, companies (including registered business trusts) that have:
- incurred expenses in the PIC qualifying activity and are entitled to PIC during that Financial Year;
- active business operations in Singapore; and
- at least 3 local employees (Singapore citizens or Singapore permanent residents with CPF contributions) excluding sole-proprietors, partners under contract for service and shareholders who are directors of the company.
The PIC Bonus gives businesses that invest in external training & development a DOLLAR-FOR-DOLLAR MATCHING CASH BONUS!
It is is given ON TOP OF existing 400% tax deduction and/or 60% cash payout!
Conditions to claim PIC Bonus
- Minimum expenditure of $5,000 in PIC qualifying activities for each year in which a PIC Bonus was claimed and an overall cap of $15,000 for Year of Assessment 2013 – 2015 combined.
- Businesses must first make a claim for the 400% tax deduction and/or the PIC cash payout
- All conditions for PIC cash payout apply to PIC Bonus.
Click here to contact us and find out more on the use of PIC grants to save on your training expenses today!