There is a craze of doing different types of small business and especially in Singapore, different types of facilities and grants are provided to these small business houses. Among these various beneficial schemes, as implemented by the Government, PIC scheme has become highly popular among every small business owners. We can see a trend in Singapore in providing a variety of beneficial schemes which can increase the productivity of the companies.
This special Singapore PIC scheme has been started in the year 2010 in Singapore and this will provide tax benefit to the businesses which will be covered under this scheme. There are some requirements before obtaining the PIC schemes and there are six categories to avail this productivity innovation credit scheme. Here we can take a look on these six categories:
This special scheme has a tax benefit option too and here a business organization can get tax benefit up to 400 percent. This benefit will be available only if the companies have made expenditure in the above mentioned categories. This special scheme is maintained by some affiliate companies. These agencies or companies are registered under the Government.
This scheme is extremely beneficial for the small traders and here they will be able to get PIC Cash Payout for 60 percent. This cash payout system will only be available only in the case when these business houses have incurred that abovementioned expenditure each year. Again one can get the facility to enhance the PIC Claim more than a single claim. This special scheme was first introduced for five years from 2010 to 2015. But in the budget of 2014, the Government has decided to continue it up to the year 2018. There is also a limit in claiming the benefits under this scheme. It has been mentioned that till the year 2015, a business house can claim $ 400000 as deduction in Tax and this tax deduction has been extended to $ 600000 within the time frame of 2016 to 2018. To apply for this claim one needs to fill up the form namely cash payout application form under PIC scheme.