"THE PRODUCTIVITY AND INNOVATION CREDIT (PIC) SCHEME, WHICH PROVIDES TAX BREAKS OR CASH GRANTS TO BUSINESSES WHEN INVESTING IN IMPROVING THEIR CAPABILITIES, WILL BE EXTENDED AND EXPANDED, FINANCE MINISTER SHAN-DARMAN SAID IN PARLIAMENT ON FEBRUARY 21, 2014. THIS WAS PRESENTED IN THE 2014 BUDGET STATEMENT. ORIGINALLY IMPLEMENTED IN 2010 AND DUE TO EXPIRE THIS YEAR, THE PROGRAM WILL NOW BE EXTENDED FOR THREE YEARS UNTIL 2018.
THE PRODUCTIVITY AND INNOVATION CREDIT (PIC) PROGRAM IS DESIGNED TO HELP LOCAL BUSINESSES INCREASE PRODUCTIVITY AND INNOVATION. THE TRANSPORTATION FLEET MANAGEMENT SYSTEM IS ONE OF THE REPORTABLE INVENTORY OF EQUIPMENT AND SYSTEMS UNDER THE PIC PROGRAM AND IS ELIGIBLE FOR A 60% CASH GRANT OR A 400% TAX DEDUCTION.
Cash grant calculation method
For example, if you invest in our fleet management system, a productivity and innovation activity of S$2,000, you are eligible for a 60% cash grant (S$1,200).
IF YOU ARE AN SME, YOU CAN ALSO TAKE ADVANTAGE OF OTHER GOVERNMENT-PROVIDED SUBSIDIES FOR FLEET MANAGEMENT SERVICES PRIOR TO THE PIC PROGRAM. THIS INCLUDES S$5,000 INNOVATION AND CAPABILITY VOUCHERS (ICV) FROM SINGAPORE'S SPRING. ICV SUPPORTS SMBS IN ADOPTING AND IMPLEMENTING SIMPLE SOLUTIONS TO IMPROVE BUSINESS EFFICIENCY AND PRODUCTIVITY.
CONTACT US TODAY TO JOIN OUR MANY CUSTOMERS WHO BENEFIT FROM PIC.
THE ABOVE INFORMATION IS ACCURATE AT THE TIME OF PUBLICATION. EMPLOYERS ARE ADVISED TO OBTAIN THE LATEST INFORMATION ON THE PIC PROGRAM FROM THE RELEVANT AUTHORITIES.
