23 January 2014

On 20 January 2014, the Inland Revenue Authority of Singapore (IRAS) released a new online Productivity and Innovation Credit (PIC) Cash Payout Application Form. The new online Form has validation checks to minimise errors when completing the form and ensure that all relevant information is provided. It also has an iHelp facility to guide claimants in completing the form.  The IRAS believes that the online Form will facilitate faster processing of PIC cash payouts.

Claimants using the online Form should print and submit the original signed and completed form, together with the hire-purchase template (where applicable), to IRAS.

Upon receipt of the properly completed application form, relevant annexes and hire-purchase template (where applicable),  IRAS will generally make the cash payout within three months. In instances where the application forms are incomplete, IRAS will reject the applications with reasons stated, and the claimants will be asked to re-submit a properly completed application form.

For more information on the new online Form, please refer to the IRAS website.

Source:  Inland Revenue Authority of Singapore