Monday, February 10, 2012
Enhancement of PIC Scheme
Minister for Finance Tharman Shanmugaratnam said businesses will be given more cash upfront for their investments provide a 60% cash payout for up to $100,000 of firms’ PIC expenditures.This means a S$60,000 payout from the Government, compared to the S$30,000 previously.
Business will get their cash payout faster. From 1 July 2012, companies will be able to apply for and obtain their cash payouts on a quarterly basis.
Companies can claim PIC benefits on their in-house training not certified by Singapore Workforce Development Agency (WDA) or Institute of Technical Education (ITE), up to S$10,000 a year.
The cash payout will be extended from YA 2013 to YA 2015. The cash payout cannot be combined on expenditure across the 3 YAs.
Read more at http://http://www.iras.gov.sg/irashome/PIcredit.aspx