Productivity and Innovation Credit 2013 (PIC Grant) Singapore
I am excited to share that IRAS (Inland Revenue Authority of Singapore) has announced recently that they are now giving PIC (Productivity and Innovation Credit) Bonus on top of the PIC Grant last year. This means that businesses can now claim back more than what they will invest for productivity!
WebSprout Academy courses are 100% eligible for companies to claim back their course fee via PIC Grant now. You can get in touch with us for customized trainings in the area of WordPress, Search Engine Optimization, Google Analytics or computer productivity programs using this contact form.
The following example shows how much you can get back via the PIC Grant.
Assuming Company A pay WebSprout $6,000 for SEO Training.
IRAS will pay Company A $6,000 (as PIC Bonus, $1 to $1 matching) AND IRAS will pay Company A 60% of $6,000 which is $3,600.
So in total, Company A will get back $9,600 but the only investment Comapny A made is only $6,000!
Other Things You Can Claim
The productivity improvement activities covered under PIC are:
- 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 Design Singapore Council.
More details are available here.
Updates: 2014 is the last year to utilize the PIC Bonus ($1 to $1 matching). Refer to this page for our 2014 SME Training Program!
Have a productivity year ahead!