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PIC+ Scheme Offers Good News for SMEs

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30Jun

What is the PIC+ Scheme?

As introduced in Budget 2014, the PIC+ scheme is an enhancement of the existing PIC scheme [link to PIC scheme article], and will take effect from YA2015 to 2018. Under the new PIC+ scheme, qualifying SMEs can look forward to an increased expenditure cap of S$600,000 (up from S$400,000) for each of the six qualifying activities per YA. This means that SMEs that have hit the combined cap of S$1.2 million can now claim tax deductions for up S$1.8 million.

Who is Eligible?

If the business is part of a group:
Sole-proprietorships, partnerships and companies that are carrying on a trade of business in Singapore with

  1. group revenue that is not more than S$100 million or
  2. group employment count of 200 or less

If the business is not part of a group:
Sole-proprietorships, partnerships and companies that are carrying on a trade of business in Singapore with

  1. revenue that is not more than S$100 million or
  2. an employment count of 200 or less

How do I apply for the PIC+ Scheme?

*Filing due date is 15 April for sole-proprietorships and partnerships; 30 November for companies

Note: According to the IRAS, sole-proprietorships and partnerships also have to submit the PIC Enhanced Allowances/Deduction Declaration Form for Sole-Proprietors and Partnerships together with their income tax return.

To learn more about the PIC+ scheme, go to http://www.infocommguide.com/improve-your-productivity-with-the-pic-scheme/.