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Productivity and Innovation Credit (PIC)



The PIC scheme is managed by the Inland Revenue Authority of Singapore (IRAS), allowing enhanced deductions/allowances and/or a cash payout, for investment in PIC qualifying activities (including IT).

Under the PIC scheme, businesses investing in cloud software like QuickBooks Online can enjoy tax deductions/allowances, net of any subsidy. Alternatively, the PIC Cash Payout Option allows eligible businesses to convert their investment in QuickBooks Online into a cash payout.

For Years of Assessment 2013 to 2015, businesses can enjoy 400% tax deductions/allowances, and/or 60% cash payout rate, subject to their respective caps.

QuickBooks Online
Essentials*
QuickBooks Online
Plus*
Subscription cost
for 12 months
S$345 S$465
PIC cash payable
(60% Cash Payout)
S$207 S$279
Net cost after PIC S$138 S$186
*Converted at a rate of US$1 = S$1.25


Do I qualify for PIC?

To qualify for PIC, businesses must have invested in one of the six PIC Qualifying Activities. QuickBooks Online falls under the PIC Qualifying Activity “IT and Automation Equipment”.

To qualify for the PIC Cash Payout Option, businesses must:

  1. be entitled to PIC;
  2. have active business operations in Singapore; and
  3. employ at least 3 local employees for whom they contribute CPF.

 

How do I submit my claim?

  1. To claim your 400% tax deduction, make your claim in your Income Tax Return (Form C/Form C-S) by the relevant due date. Sole-proprietors and partnerships need to submit a separate form together with their Income Tax Return.
  2. To claims your cash payout, submit PIC Cash Payout Application Form online anytime after end of relevant financial quarter (for YAs 2013 to 2018) but before the filing due date of Income Tax Return for the relevant YA.

We take no responsibility for the accuracy or completeness of the information above. Please refer to the IRAS webpage for full details of the PIC scheme.

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