The PIC scheme supports investments in Innovation and Productivity. Businesses can enjoy huge savings in the form of 60% Cash Payout and/or 400% Tax Deduction/ Allowances when they invest in any of these six productivity improvement activities:

• Acquisition or Leasing of PIC Information Technology (IT) and Automation Equipment;
• Training of Employees;
• Acquisition and In-licensing of Intellectual Property Rights;
• Registration of Patents, Trademarks, Designs and Plant Varieties;
• Research and Development Activities; and
• Design Projects Approved by the DesignSingapore Council.

The tax benefits under PIC are available from Years of Assessment (YAs) 2011 to 2015.

Investment in any of our software system falls under the “Acquisition or Leasing of PIC Information (IT) and Automation Equipment”.

This year Budget 2014 announced that PIC scheme has been extended for another 3 years to YA2018, your business may also enjoy a dollar-or-dollar matching cash bonus given on top of the existing 400% tax deductions/ allowances and/or 60% cash payout.