The Productivity and Innovation Credit (PIC) Scheme was first announced in Budget 2010 with the aim of encouraging enterprises to upgrade their capabilities by investing in a wide range of productivity and innovation-related activities.
With effect of 2011, a tax deduction of 400% is claimable on the first S$400,000 spent for each of the qualifying PIC activities. If companies plan their PIC strategies well, they stand to save up to S$9.6 million in taxes per annum.
Rikvin has helped numerous clients successfully reduce their taxes via this scheme.
If you’re interested to find out how you can take advantage of this scheme, please feel free to get in touch with us and download our attached guide.