Productivity and Innovation Credits Grant (PIC)
The PIC (Productivity and Innovation Credits) is a scheme for companies and businesses to enjoy tax savings in the form of cash payout or tax deduction when they invest in ‘Training of Employees’, one of the six productivity improvement activities.
Examples of Qualifying Costs under Training of Employee:
- External Training – Training of employees by external service providers like Nanyang Business School’s Executive Education programmes.
- In-house training – Salary of in-house trainers; rental of training facilities; training materials used for the training and meals and refres hments provided during the training. Applicable to corporates who engage Nanyang Business School for their customised in-company programmes.
- Must employ minimum of 3 Singaporean or SG PR employees with CPF contribution
- Must carry on operation in Singapore
Options for companies claim: PIC (Productivity and Innovation Credits)
- 400% tax deduction option: For eg. If company spend S$50K for training, they will claim S$50K *400% = S$200,000.
- Cash payout option: Capped at S$100K per year assessment (YA).
You may use PIC on the remaining programme fee you need to pay after subsidies from WDA or FTS.
For more information on PIC, please visit: