Skip to main content

Tightening of PIC Scheme and Expiry of PIC Bonus in Dec 2014

Unknown to many people, the PIC (Productivity and Innovation Credit) Scheme was tightened on 21 February 2014.  Effective from 2015 to 2017, all claiming businesses must have 3 CPF employees (excluding the directors and shareholders) every month, instead of only the qualifying month (i.e. March, June, September and December) as in the past.

 As for the popular PIC Bonus Scheme, it shall  expire for financial years ending in 2014.  So if your company's financial year-end is on 31 March 2014, the last month for you to receive the PIC bonus is March 2014.  This is because although the PIC Scheme was extended till 2017, the PIC Bonus is not extended, thus it will end as planned in 2014.

 For those that are not familiar, the PIC Bonus is automatically given out to companies as long as their PIC claims exceed $5,000 in a year.  The PIC Bonus is given out in cash (not tax deduction) up to $15,000.  This PIC Bonus, unlike the PIC Cash Payouts, is taxable.

 Andy Ng wrote this article, his website is at here.  Thank you for reading this article.  To continue  receivibg our articles, follow us in this blog. Readers that read this article also read the following related articles:
Labels:

Comments

  1. taxwelluk12/18/2019 8:48 pm

    Thanks for sharing this valuable information to our vision. You have posted a trust worthy blog keep sharing.
    Accountants for construction workers in London

    ReplyDelete

Post a Comment

Popular posts from this blog

If Not You, Who Else?

I learnt this very powerful 5-word phrase from Singapore's highest ever box-office movie ever: "Ah Boys to Men II". In one scene, the recruits were about to start their 3-day field camp.  Their Officer-in-Command asked them, "Before we moved out, anybody not feeling well?"  All the soldiers replied loudly, "No Sir!!!" "Gentlemen", continued the Officer, "Every time the training gets tougher, one thought comes to your mind, 'Why Must I Serve National Service?' "My answer to you is, 'If Not You, Then Who Else?'" Wow!  What a powerful phrase!  If Not You, Who Else may mean: You are the most suitable person, and we can't find anyone better than you.  This is appreciation at the highest level How can you push this responsibility to someone else? I am making a request to you specifically, please don't reject my request Can you find me another person more suitable than you? Please refer me anot...
Post a Comment
Read more

No More Panting Since Changing My Mobile Number: Mobile Numergology Power

1 comment
Read more

How I Became a Fortune Teller: Leveraging NLP, Fear and Greed, and Motivational Theories

Becoming a fortune teller wasn’t part of my childhood dreams. It started as an experiment, fueled by my curiosity about human behavior and the subtle forces that drive our decisions. Over time, what began as a study of psychology and human interaction evolved into an unexpected career—one where I use the tools of NLP (Neuro-Linguistic Programming), the primal drivers of fear and greed, and motivational theories to help people uncover their paths. The First Step: Understanding the Human Psyche I was always fascinated by why people do what they do. During my university years, I studied psychology, particularly the works of Abraham Maslow, B.F. Skinner, and Victor Vroom. Their theories provided insights into motivation, reinforcement, and decision-making. But I wanted to move beyond the academic realm and see how these theories worked in real life. Around this time, I discovered NLP (Neuro-Linguistic Programming). This framework for understanding communication and behavior is based on the...
Post a Comment
Read more