PIC claim services
The PIC scheme provides funding support to businesses that have taken initiatives to improve productivity.
The two most common PIC activities that businesses claim are (1) purchase or leasing of PIC IT & automation equipment and (2) training of employees.
We help you to identify items that qualify under PIC and prepare your application.
With the cash grant, you receive practical support while growing your business.
Don’t miss out and make the most of the benefits from PIC to improve your business.
- Purchase or lease of PIC IT & Automation Equipment
- Training of employees
- Registration of intellectual property
- Acquisition or in-licensing of intellectual property
- Research & development
- Approved design project
Qualifying expenditure is after deducting any grant or subsidy from the government or statutory board.
Cash payout received is not taxable. Qualifying expenditure converted into cash payout is not deductible in the income tax returns.
A PIC cash payout application form needs to be submitted. We will advise you on the requirements and prepare the relevant form and documents for the application. The application can be made after the end of each quarter or combined quarters in the financial year and latest by the income tax filing deadline.
(i) incurred qualifying expenditure and entitled to PIC during the basis period for the qualifying YA;
(ii) carry on active business operations in Singapore;
(iii) employ at least 3 local employees (Singapore Citizen or Singapore PR with CPF contributions) excluding sole-proprietors, partners under contract for service and shareholders who are company directors; and
(iv) for YA 2016 onwards, with respect to PIC IT and automation equipment, put the relevant equipment to use.
In addition, businesses that belong to certain industries such as cleaning, construction, food and beverage, retail and manufacturing can claim PIC on prescribed equipment related to their specific sector. For example, a cleaning business can claim PIC on vacuum cleaner and ride-on sweeper.
We advise you on the items that qualify under the PIC as well as the relevant equipment for your industry and business.
Qualifying equipment need to be held for at least one year from date of purchase. If they are disposed of within one year, the PIC benefits may be clawed back.
From YA 2013, the criteria for case-by-case application are:
(i) equipment automates or mechanises work processes of the business; and
(ii) equipment enhances productivity of the business, for example by reducing man-hours or resulting in improvement in existing work processes.
Businesses can apply to IRAS for their equipment to be approved for PIC by submitting an Application for Approval of Equipment for PIC Form. We will advise you how to meet the requirements for case-by-case application and prepare the relevant form and documents that need to be submitted. This application needs to be done before any cash payout or PIC claim can be made.
For external training, qualifying expenses include course fees, rental of external training venue, meals and refreshments providing during the course and training materials and stationery.
In-house training includes qualifying training programmes such as WDA-approved WSQ training courses, ITE-approved courses and ITE-certified on-the-job training courses. Certain in-house training without certification may also qualify for PIC, subject to a maximum cap of $10,000.
Qualifying expenses for in-house training include salaries and other remuneration (excluding director fees) paid to in-house trainers for delivery of the course, rental of external training venue, meals and refreshments providing during the course and training materials and stationery.
We can advise you on which are the expenditures which qualify under the PIC and help you prepare the relevant information and form for PIC application.
How we help
Identify items that qualify for PIC
We help you to identify items that qualify for PIC.
PIC Cash Payout Application
Application for Approval of Equipment for PIC (case-by-case basis)
Obtain cash grants
We help you obtain cash funding support for your expenses and purchases.
Get in touch
Talk to us about your PIC expenditures. Or if you've a question, drop us a note.