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PIC Grant

Productivity and Innovation Credit (PIC) Scheme

When you attend training courses delivered by Telefocal Asia Pte Ltd in Singapore or Overseas, you may enjoy PIC grants and tax rebate if your organisation meets the requirements preset by the Inland Revenue Authority of Singapore (IRAS) under this scheme.

PIC Cash Payout

The PIC cash payout conversion rate is 40% for training expenditure that has been incurred on or after 1 Aug 2016. If training expenditure is incurred before 1 Aug 2016, 60% cash payout rate will apply. Training expenditure incurred after the basis period of YA 2018 will not be eligible for PIC cash payout.

The eligibility for cash payout is determined based on the date when the expenditure is incurred and not the date of submission of the cash payout application.

From 1 Aug 2016, e-Filing is compulsory for all PIC Cash Payout applicants (including companies, partnerships and sole-proprietors). Hardcopy applications for PIC Cash Payout will no longer be accepted on or after 1 Aug 2016.

  • Training fees paid to the external training provider qualify for PIC benefits, including registration or enrolment fees, examination fees, tuition fees and aptitude test fees. It does not matter whether the course or seminar is held in Singapore or overseas. For Overseas training, staff accommodation and travelling expense do not qualify for the claim.
  • For expenditure incurred before 1 August 2016, the cash payout claim should be submitted before YA 2017 corporate tax filing due date, i.e. by 30 Nov 2017 for paper filing and 15 Dec 2017 for e-Filing.
  • Tax Allowance

    Under the PIC Scheme, businesses enjoy 400% tax deductions/allowances for expenditure incurred in training activities from the Years of Assessment (YAs) 2011 to 2018.

    More information

    Visit the following link to acquire more information on PIC Grant and Tax Allowance Scheme

    https://www.iras.gov.sg/irashome/uploadedFiles/IRASHome/e-Tax_Guides/etaxguides_CIT_PIC_2016_11_22.pdf

    The PIC scheme will lapse after YA 2018. Businesses who wish to elect for cash payout option on qualifying expenditure must incur the expenditure by the last day of their basis period for YA 2018.

    So, don’t wait! Sign up for Telefocal Asia’s courses today to enjoy the rebates before the PIC scheme lapses!

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