Payment of Productivity and Innovation Credit (PIC) Bonus

5 July 2013

Businesses do not have to separately apply for the PIC Bonus announced during Budget 2013.

In cases where 400% tax deduction/allowance is claimed in the income tax return, IRAS will calculate the PIC bonus for each year of assessment. Companies can expect to receive the bonus within three months of their tax filing, if all requisite information has been provided.

In cases where the PIC bonus is claimed via the Cash Payout application form, IRAS will determine the amount once the claim has been approved. Claims will be processed within three months of their date of receipt.

Since the first week of July 2013, businesses have started receiving their PIC bonuses.

Source: Inland Revenue Authority of Singapore