As announced by the Finance Minister, the PIC scheme has been enhanced to provide more tax benefits to taxpayers. The objective of this enhancement is to encourage further productivity and innovative activities in Singapore.
The following is the summary highlights of the enhanced scheme:-
1) Higher cash payout option conversion rate from 30% to 60% of qualifying expenditure, to be paid quarterly from July 2012
2) In house training expenditure up to $10,000 need not be certified or approved by WDA/ ITE
3) Cost incurred under R&D cost-sharing arrangements will be eligible for PIC deduction