IRAS PIC SCHEME

Productivity and Innovation Credit (PIC) for Web Development & Ecommerce

What is PIC Scheme?

PIC Scheme lets businesses enjoy up to 400% tax deduction or allowances or receive a 40% cash payout when they invest in qualifying activities which includes design projects like website development and ecommerce approved by DesignSingapore Council.

 
Eligibility
Businesses eligible to apply for the cash payout are sole-proprietorships, partnerships, companies (including registered business trusts) that have:

Incurred qualifying expenditure and are entitled to PIC during the basis period for the qualifying YA;

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. A business is considered to have met the 3-local-employees condition if it contributes CPF on the payroll of at least 3 local employees in the relevant month(s).

 

Six Qualifiying Activities

 

  1. Acquisition and Leasing of PIC IT and Automation Equipment
  2. Training of Employees
  3. Acquisition and Licensing of Intellectual Property Rights (IPR)
  4. Registration of Patents, Trademarks, Designs and Plant Varieties 
  5. Research and Development (R&D) Activities
  6. Design Projects Approved by DesignSingapore Council 

 

Clueless about how the PIC works?

Here’s how we do it at GrapeMedia:

  1. Build your new website with us
  2. Claim with IRAS for PIC Cash Payout
  3. Get back 40% of your web development costs