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:

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
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
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
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.
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:

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