22 Feb 2012
Singapore Budget 2012 announced on 17 February 2012 shares the good news that the Productivity and Innovation Credit (PIC) Scheme wil be further enhanced to support local SMEs.
The enhancements include:
- Increase in cash payout from 30% to 60% for up to $100,000 of firms’ PIC expenditures per YA. This will apply for YA2013 to YA2015.
- Companies can claim cash payouts on a quarterly basis instead of at the end of the financial year. This will apply from 1 Jul 2012.
- Claims for in-house training costs of up to $10,000 a year will not require external certification. This will apply from YA2012.
Check out more details at http://iras.gov.sg/irashome/PIcredit.aspx