26 February 2013

In response to a parliamentary question raised on 25 February 2013 regarding the take-up rate by SMEs with regard to the PIC Scheme, the Ministry for Finance (MOF) advised that based on tax returns filed to date for Year of Assessment (YA) 2012, about 42,000 companies or 37% of active companies have claimed PIC, up from 32% in YA 2011. Among active companies with turnover of $10 million or less, about 34,000 companies or 35% have claimed PIC, compared to about 28,000 or 30% of such companies in YA 2011.

Among active companies with at least one employee that have filed tax returns, about 34,000 companies or 57% have claimed PIC. The take-up rate was also high for such companies with a turnover of $10 million or less, at 52%.

The MOF’s full reply and a breakdown of the PIC take-up rate amongst active companies that have filed tax return can be found on the Ministry of Finance website at http://www.mof.gov.sg.

Source: Ministry of Finance