The Inland Revenue Authority of Singapore has published the fifth edition of the e-Tax guide on the Productivity and Innovation Credit (PIC) Scheme. The latest edition incorporates the following Budget 2016 changes:
- Expiration of the PIC Scheme in YA 2018;
- Reduction in the PIC cash payout rate from 60% to 40% for qualifying expenditure incurred on or after 1 Aug 2016; and
- Compulsory e-Filing of PIC cash payout applications with effect from 1 August 2016.
Other amendments include the follo…