Productivity and Innovation Credit (PIC) Scheme
This grant is provided by IRAS. Under the Productivity and Innovation Credit (PIC) scheme, your business can enjoy:
- 400% tax deductions/ allowances and/or
- 60% cash payout
The tax benefits are available from the Years of Assessment (YAs) 2011 to 2018, for investments in any of the six qualifying activities relating to innovation and productivity improvements.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column width=”1/1″][mk_button dimension=”flat” corner_style=”pointed” size=”x-large” outline_skin=”dark” outline_active_color=”#ffffff” outline_hover_color=”#333333″ bg_color=”#727272″ btn_hover_bg=”#252525″ text_color=”light” icon_anim=”none” url=”https://www.iras.gov.sg/irashome/PIcredit.aspx%23About_Productivity_and_Innovation_Credit” target=”_blank” align=”center” fullwidth=”true” button_custom_width=”0″ margin_top=”30″ margin_bottom=”50″]Visit PIC Grant Website[/mk_button][/vc_column][/vc_row][vc_row][vc_column width=”1/1″][vc_column_text disable_pattern=”true” align=”left” margin_bottom=”0″]
Innovation & Capability Voucher at a Glance (ICV)
The Innovation & Capability Voucher (ICV) by Spring Singapore is a simple to apply, easy-to-use voucher valued at $5,000, to encourage SMEs to take their first step towards capability development. SMEs can use the voucher to upgrade and strengthen their core business operations through consultancy in the areas of innovation, productivity, human resources and financial management. Apart from consultancy, ICV also supports SMEs in the adoption and implementation of simple solutions to improve business efficiency and productivity. SMEs can use the ICV to implement productivity solutions under the supportable cost categories of (i) equipment & hardware, (ii) technical solutions & training, (iii) design & renovation. Each SME is entitled to a maximum of eight vouchers. Each ICV project must be completed before the submission of a new application. The duration for each project should not exceed six months.
Eligibility
All local SMEs can apply for ICV if they meet the following criteria:
- Registered and operating in Singapore
- Have a minimum of 30% local shareholding
- Have group annual turnover of not more than $100 million OR group employment size of not more than 200 employees
