Posted on Jul 28, 2016
The Inland Revenue Authority of Singapore (IRAS) has posted a reminder on its website on the change in the cash payout rate of the Productivity and Innovation Credit (PIC) scheme, as well as the compulsory e-filing for cash payout applications.
With effect from 1 August 2016, the PIC cash payout rate will be reduced to 40% (from 60% previously) of qualifying expenditure, subject to a total expenditure cap of $100,000 across the six qualifying activities. The cash payout rate is not determined by the date of the submission of the cash payout application. IRAS has also provided clarity on how businesses should determine dates that expenditure is occurred, for PIC cash payout purposes. You may learn more at https://www.iras.gov.sg/irashome/Schemes/Businesses/Productivity-and-Innovation-Credit-Scheme/Determining-the-dates-that-expenditure-is-incurred-for-PIC-cash-payout-purposes/
For PIC-qualifying expenditure incurred before 1 August 2016, the 60% cash payout rate will still apply.
In addition, from 1 August 2016, IRAS will only accept e-filing of cash payout applications.
The e-filing deadlines for YA 2017 PIC cash payout applications are as follows:
- 18 April 2017: Sole-proprietors and partnerships
- 15 December 2017: Companies
For further details, please visit https://www.iras.gov.sg/irashome/Schemes/Businesses/Productivity-and-Innovation-Credit-Scheme/.
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