PIC Scheme
Your business can enjoy 400% tax deductions/ allowances and/or 60% cash payout for investment in innovation and productivity improvements under the Productivity and Innovation Credit (PIC) scheme. The tax benefits under PIC are available from 2015 to 2018, on investment in any of the six qualifying activities.

• Acquisition and leasing of PIC Information Technology (IT) and Automation Equipment.
• Training of employees.
• Acquisition and In-licensing of Intellectual Property Rights.
• Registration of patents, trademarks, designs and plant varieties.
• Research and development activities.
• Design projects approved by Design Singapore Council.

What qualifies for PIC?	How PIC benefits you?	How to claim?
Invest in Six PIC Qualifying Activities	400% Tax Deductions	Claim in income tax return. Refer to Tax Deduction
	60% Cash Payout	Refer to PIC Cash Payout

Most commonly claimed activity	What equipment qualifies?	How to apply?
IT and Automation equipment	Equipment in Prescribed List of PIC IT and Automation Equipment	No approval is required
	Equipment Approved on Case-by-Case Basis	Application for Approval of Equipment for PIC Form

ICV Voucher
To encourage more SMEs to embark on their first steps towards capability development, ICV supports SMEs in the adoption and implementation of simple solutions to improve business efficiency and productivity. Each SME can apply up to a maximum of two vouchers to implement productivity solutions out of the available eight vouchers for each SME.

ICV supports the implementation of recommendations from previous consultancy projects as well as simple productivity solutions under the supportable cost categories of (i) equipment & hardware, (ii) technical solutions & training, (iii) design & renovation.

The Innovation & Capability Voucher (ICV) is a simple to apply, easy-to-use voucher valued at $5,000, to encourage SMEs to take their first step towards capability development. SMEs can use the voucher to upgrade and strengthen their core business operations through consultancy in the areas of innovation, productivity, human resources and financial management. Apart from consultancy, ICV also supports SMEs in the adoption and implementation of simple solutions to improve business efficiency and productivity. SMEs can use the ICV to implement productivity solutions under the supportable cost categories of (i) equipment & hardware, (ii) technical solutions & training, (iii) design & renovation. Each SME is entitled to a maximum of eight vouchers. Each ICV project must be completed before the submission of a new application. The duration for each project should not exceed six months.

What qualifies for ICV?	How ICV benefits you?	How to apply?
ICV integrated solutions	$5,000 voucher (8 maximum)	Submit proposal to ICV Application Approval