Productivity and Innovation Credit (PIC) scheme to be extended and expanded

Finance Minister Tharman Shanmugaratnam said in Parliament on February 21, 2014: "The Productivity and Innovation Credit (PIC) scheme, which provides tax relief or cash grants to businesses when they invest in improving their capabilities, will be extended and expanded." This It was proposed in the 2014 Budget Statement. The program, originally implemented in 2010 and due to expire this year, will be extended by three years to 2018.

The Productivity and Innovation Credit (PIC) scheme is designed to help local businesses become more productive and innovative. The transportation fleet management system is one of the list of equipment and systems that can be declared under the PIC program and can enjoy cash subsidies of 60% or tax deductions of 400%.

Cash subsidy calculation method

For example, if you invest S$2,000 in our fleet management system, a productivity and innovation activity, you are eligible for a cash grant (S$1,200) under 60%.

If you are an SME, you can also take advantage of other government grants for fleet management services before the PIC scheme. This includes a S$5,000 Innovation and Capability Voucher (ICV) from SPRING Singapore. ICV supports SMEs in adopting and implementing simple solutions to improve business efficiency and productivity.

Contact us today and join our many customers who have benefited from PIC.

The above information is accurate at the time of publication. Employers are advised to obtain the latest information on the PIC scheme from the relevant authorities.