Singapore PIC Scheme
The PIC Scheme is a business incentive initiated by the Singapore government in 2010 to persuade businesses to enhance their capabilities and improve competitiveness by adopting various qualifying activities that facilitate innovation and enhance productivity. It is crucial for businesses to generate value through innovation, increase productivity, and invest in staff training and technology in order to maintain competitiveness in this rapidly changing international economy.
The PIC scheme denotes a broad- based tax incentive that is accessible to businesses in every sector that invest in qualifying activities. For businesses that are investing in qualifying activities, a comprehension of the expenditure and activities that may be eligible for PIC will help exploit possible tax savings besides making benefit claims in a timely manner.