MAKE YOUR PIC CASH PAYOUT APPLICATION SOON!

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Productivity and Innovation Credit scheme, lets businesses benefit from provisions like 400% tax deductions or allowances and/or 60% cash payout for the investments made in undertaking improvements in innovation and productivity. The companies with the help of PIC Cash Payout facility can expand and improvise without any substantial hindrance. It would also be possible for the companies to deliver their services and products to the clients at cheaper costs. It would provide the companies enough space and opportunity to compete with the established companies around the globe.PIC

The PIC scheme facilitates Cash payout of up to $100,000 of expenditure each year. To claim this benefit, the business has to submit the PIC Cash Payout Application Form. You could also claim it on Income Tax Return. No prior approval is required for It and automation equipment. For other equipments, a prescribed list of qualified equipment is available. For these equipment, an Application for Approval of Equipment for PIC Form has to be submitted.

Skilled and experienced consultants are available in case the business house needs help in making PIC Cash Payout. They will solve all queries pertaining to the PIC scheme making the company’s work easier. If the company is found fraudulent while making PIC claims and Cash Payouts, the government takes serious steps against the company and it has to pay heavy penalties. Severe fraudulent cases may result in imprisonment coupled with paying huge fines.

While making the PIC Cash Payout Application, you need to provide details of the business, cash payout claim and qualifying cost.

  • Details of business: This includes the name, tax-reference number and accounting year-end of the business. Name and NRIC number of three local employees for whom CPF has been contributed in the last month of the corresponding financial period has to be submitted in case the business has less or equal to 10 employees in that month.
  • Details of Cash Payout claim: The financial period during which the PIC qualifying expenditure was incurred and the year of assessment of claim has to be submitted. The revenue for the corresponding financial period also has to be informed.
  • Details of qualifying cost: Every relevant cost incurred in the various PIC qualifying activities undertaken by the company has to be mentioned.

The different activities that make a PIC Cash Payout Application are Acquisition and Leasing of PIC IT and Automation Equipment, Training of Employees, Acquisition and In-Licensing of Intellectual Property Rights (IPR), Registration of Patents, Trademarks, Designs and Plant Varieties (IPR), Research and Development (R&D) Activities and Design Projects.

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