Skip to main content

PIC 60% Cash Payout: the Finer Points that Most Don't Know

Everyone knows the PIC (Productivity and Innovation Credit) scheme, which started in 2010, will end in 2017.  You can read our 7 blogs on this PIC by searching for 'PIC' at our blog
(Successful Sales Strategies is on 11 Sep 2014) 

 Today I will talk about 5 finer points of PIC that most people may not take note:
  1. PIC Bonus will definitely expire by December 2014 or your financial year end in 2014, WHICHEVER IS EARLIER.  There is no extension to PIC Bonus scheme
  2. All PIC Cash Claims must be done using online form and no other manual forms will be accepted from 1 August 2014 onwards. The IRAS site to get the form, plus how to use the form are found here 
  3. Equipment List: you need to follow the list of equipment by industry and any equipment not found in the list will need to apply for approval first. Click here for details
  4. Training fees: you can only claim PIC for training done for employees. Employees include part and full time employees, local and foreign citizens BUT EXCLUDE BUSINESS OWNERS and Directors/Shareholders that are not on the company's payroll.  
  5. Rule of 3 CPF Employees applies only to the Qualifying Month, i.e. the last month of the quarter that you are applying for PIC claims.  For example, if the quarter that you are applying for is 'July 2014 to Sep 2014', the qualifying month is Sep 2014.  You need to have 3 CPF employees to qualify for PIC claims in the month of September but not in the other months. From Jan 2015 onwards, you need to have 3 CPF employees in EVERY MONTH OF THE QUARTER or the last 3 months of the last quarter if you are claiming PIC for the entire 12 months.
By Andy Ng of Asia Trainers, details of our courses are at here.  Related articles:

Labels:

Comments

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