28, 2013 OVERVIEW: PIC BONUS About PIC Bonus The Productivity and Innovation Credit (PIC) Bonus gives businesses a dollar-for-dollar matching cash bonus for YAs 2013 to 2015, subject to an overall cap of $15,000 for all 3 YAs combined. This is given on top of the existing 400% tax deductions/allowances and/or 60% cash payout (“PIC cash payout”) under the PIC scheme. To enjoy the PIC Bonus, businesses must have made a claim for the 400% tax deductions/allowances and/or the PIC cash payout. The PIC Bonus is taxable.
28, 2013 QUALIFYING CONDITIONS Qualifying Conditions Businesses eligible for the PIC Bonus are sole-proprietorships, partnerships and companies that have: • incurred at least $5,000 in PIC-qualifying expenditure during the basis period for the YA in which a PIC Bonus is claimed; • active business operations in Singapore; and • at least 3 local employees (Singapore citizens or Singapore permanent residents with CPF contributions) excluding sole-proprietors, partners under contract for service and shareholders who are directors of the company.
28, 2013 COMPUTING PIC BONUS YA 2013 YA 2014 YA 2015 Qualifying PIC Expenditure $5,000 $5,000 $5,000 OPTION 1: PIC Cash Payout $3,000 ($5,000 x 60%) $3,000 ($5,000 x 60%) $3,000 ($5,000 x 60%) OPTION 2: PIC Tax Credit $3,400 tax deduction ($5,000 x 68%) $3,400 tax deduction ($5,000 x 68%) $3,400 tax deduction ($5,000 x 68%) PIC Bonus $5,000 $5,000 $5,000 Total PIC Benefits $8,000 $8,000 $8,000 or $8,400 or $8,400 or $8,400 You will receive an equal amount in PIC bonus on every dollar that you spend on qualifying activities, subject to a cap of $15,000 over YAs 2013 to 2015. NOTE: • Choose Option 1 if your business is not currently profitable or if you want a cash payout. • Choose Option 2 if your business is profitable to reap the maximum tax credit. 1 1 1 2 2 2
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