15 August 2012

In response to a recent Parliamentary sitting on 13 August 2012, the Ministry of Finance provided an update on the Productivity and Innovation Credit (PIC) scheme, introduced in Budget 2010 and enhanced in Budget 2011.

To date, the Ministry of Finance said that one in three active and small companies with turnover of $10 million or less have used the PIC scheme in the first year of claim, ie the Year of Assessment (YA) 2011. Overall, 33,000 companies have claimed PIC benefits in YA 2011, whereby 5% of these companies opted for cash payouts.

A further update is expected to be provided at the end of the year on the take-up for the PIC after companies file their tax returns for YA 2012.

Source: Ministry of Finance