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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:
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  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

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