The PIC Bonus of up to $15,000 for eligible businesses that invest in qualifying activities under the PIC scheme will end soon on 31 December 2015 for businesses with financial year ending on that date. Businesses that are eligible are sole-proprietorships, partnerships and companies that have meet the all of the following criteria:
a) incurred at least $5,000 in PIC-qualifying expenditure* during the basis period for the YA in which a PIC Bonus is claimed;
b) active business operations in Singapore; and
c) 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-employee condition if it contributes CPF on the payroll of at least 3 local employees in the last month of the quarter or combined consecutive quarters to which the cash payout option relates.
So, do not missed out on this cash incentive that can help you to defray your investment in increasing your businesses’ productivity.