Singapore Budget 2016 - Changes to (“PIC”) Scheme
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Allowing the Productivity and Innovation Credit (“PIC”) Scheme to lapse and lowering the cash payout rate
Following the Budget 2016 Statement announced by Minister for Finance, Mr. Heng Swee Keat for the Financial Year 2016, delivered in Parliament on Thursday, 24 March 2016, the PIC cash payout rate will be lowered from 60% to 40% for qualifying expenditure incurred from 1 August 2016. All other conditions of the scheme remain unchanged. The PIC scheme, which has been extended for YA2016 to YA2018, will expire thereafter. It will not be available from YA2019.
Purchasing of IT equipment and claiming of PIC cash payout
To qualify for the 60% cash payout rate, all qualifying IT expenditure must be incurred before August 2016. For qualifying expenditure incurred from 1 August 2016, the cash payout conversion rate will be 40%.
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