The PIC Scheme was first announced in Budget 2010 with the aim of stimulating enterprises to invest in upgrading their operations and to encourage a wide range of innovation-related activities in Singapore. A tax deduction of 400% ( up from the previous 250%) on the first S$400,000 (up from S$300,000) spent for each of the qualifying activities. That a saving of 68% of your tax bill for all your innovation credits purchases.
The Productivity and Innovation Credit (PIC) Scheme has been further enhanced for Singapore Budget 2011. Download this guide to find out more about the qualifying expenditures and the total deductions and allowances under the PIC Scheme.