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Singapore Productivity Innovation Scheme

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This document discusses about Singapore tax incentive scheme to encourage businesses to invest, increase productivity and innovation through the PIC scheme.
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PRODUCTIVITY AND
INNOVATION SCHEME


PRODUCTIVITY AND INNOVATION SCHEME
The Produc vity and Innova on Credit (PIC) Scheme has been further enhanced for Singapore Budget
2011. It is a scheme to provide tax incen ves so as to encourage businesses to invest and upgrade along
the innova on value chain. The table below outlines the benefi ts of PIC:
Before PIC:
Currently, businesses can typically deduct their expenses at
cost i.e. 100% as part of the general tax regime.
Tax savings = S$100,000 x 17%
A er PIC:
Businesses can now enjoy 400% deduc on on the cost of
S$100,000
S$100,000
S$100,000
S$400,000
S$17,000
S$68,000
the same expenditure.
Tax savings = S$400,000 x 17%
Expenditure
Deduc ons
TAX SAVINGS
Brief descrip on of qualifying
Total deduc ons/allowances under the
Qualifying ac vi es
expenditures under the PIC
PIC (as a % of qualifying expenditure)
Acquisi on or Leasing of Prescribed
Costs incurred to acquire/lease
Automa on Equipment
prescribed automa on equipment
Training Expenditure
Costs incurred on:
In-house training (i.e. Singapore
Workforce Development Agency
("WDA") cer fi ed, Ins tute of Technical
Educa on ("ITE") cer fi ed; or
All external training.
400% allowance or deduc on for
qualifying expenditure subject to the
Acquisi on of Intellectual Property
Costs incurred to acquire IPRs for
expenditure cap, 100% allowance or
Rights ("IPRs")
use in a trade or business (exclude
deduc on for the balance expenditure
EDB approved IPRs and IPRs rela ng
exceeding the cap
to media and digital entertainment
contents)
Registra on of Intellectual Property
Costs incurred to register patents,
Rights ("IPRs")
trademarks, designs and plant variety
Design Expenditure
Costs incurred to create new products
and industrial designs where the
ac vi es are primarily done in Singapore
Research & Development ("R&D")
Costs incurred on staff , costs and
400% tax deduc on for qualifying
consumables for qualifying R&D
expenditure subject to the expenditure
ac vi es carried out in Singapore or
cap*. For qualifying expenditure
overseas, if the R&D done overseas is
exceeding the cap for R&D done in
related to the taxpayer's Singapore trade Singapore, deduc on will be 150%. For
or business
balance of all other expenses, including
expenses for R&D done overseas,
deduc on will be 100%
Notes:
Total expenditure cap for YA 2011 and YA 2012 - $800,000 for each of the six qualifying ac vi es.
Total expenditure cap for YA 2013 to YA 2015 - $1,200,000 for each of the six qualifying ac vi es.
Singapore Produc vity and Innova on Scheme
Copyright (c) 2011 Rikvin Pte Ltd

RIKVIN PTE LTD
20 Cecil Street, #14-01, Equity Plaza, Singapore 049705
Main Line : (+65) 6438 8887
Fax : (+65) 6438 2436
Email : info@rikvin.com
Website : www.rikvin.com
This material has been prepared by Rikvin for the exclusive
use of the party to whom Rikvin delivers this material.
This material is for informa onal purposes only and has
no regard to the specifi c investment objec ves, fi nancial
situa on or par cular needs of any specifi c recipient.
Where the source of informa on is obtained from third
par es, Rikvin is not responsible for, and does not accept
any liability over the content.

Copyright (c) 2011 Rikvin Pte Ltd

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