<![CDATA[PIC bonus]]>Yes, another potential $1.8M in tax credit, or $180k in cash.

Good for SME to innovate, and increase productivity, like bringing their business online, automating the workflow and processes

]]>https://forum.kiasuparents.com/topic/65696/pic-bonusRSS for NodeSat, 20 Jun 2026 22:00:09 GMTMon, 24 Feb 2014 09:31:17 GMT60<![CDATA[Reply to PIC bonus on Sun, 29 Dec 2013 18:15:24 GMT]]>The irony of the PIC claim is that accountant knows best, but far from it, they only know what they know, and they donโ€™t know what they donโ€™t know.


eg, the big claim item is salary for PIC, and how many companies actually claim for it?
another eg. for training, meal expenses can also be claim, but many left that out, although it is not significant.

Use a consultant who specializes in it if you want to maximize your claims.

]]>https://forum.kiasuparents.com/post/1176760https://forum.kiasuparents.com/post/1176760Sun, 29 Dec 2013 18:15:24 GMT<![CDATA[Reply to PIC bonus on Thu, 05 Dec 2013 02:02:01 GMT]]>

UncleLim:
Kitty2, how do you do your company accounts? If you use an accounting company, they would know how to submit your PIC claimable expenses when they file IRAS Form C or Form C-S.


Sorry I am enquiring on behalf of my friend who is doing a small business ๐Ÿ˜„ she does it herself as is a small company if you need help I can ask my accountant friend to help you?

]]>https://forum.kiasuparents.com/post/1161462https://forum.kiasuparents.com/post/1161462Thu, 05 Dec 2013 02:02:01 GMT<![CDATA[Reply to PIC bonus on Wed, 04 Dec 2013 12:47:56 GMT]]>Kitty2, how do you do your company accounts? If you use an accounting company, they would know how to submit your PIC claimable expenses when they file IRAS Form C or Form C-S.

]]>https://forum.kiasuparents.com/post/1161180https://forum.kiasuparents.com/post/1161180Wed, 04 Dec 2013 12:47:56 GMT<![CDATA[Reply to PIC bonus on Fri, 29 Nov 2013 06:06:01 GMT]]>Kitty2

Is your business entity pte ltd co, public pte co, sole proprietorship or partnership? If I am not wrong, PIC payout mode can be different for different entities. Call the Officers if you want to find out more. For sole proprietorship, they probably only knock off the claimed amount from taxable income and donโ€™t give back cash.

]]>https://forum.kiasuparents.com/post/1158232https://forum.kiasuparents.com/post/1158232Fri, 29 Nov 2013 06:06:01 GMT<![CDATA[Reply to PIC bonus on Fri, 29 Nov 2013 01:52:41 GMT]]>

Funz:
kitty2:

How fast can they get bk the cash?why must claim first than can have the bonus?How fast can they get bk the cash?Must attached the invoice to the claim form?Must pay yourself then can claim right?


Thanks for your help as the website doesn't have these details

That is one of the criteria for the PIC bonus. It is a bonus claim to PIC thus named PIC bonus. Companies must have made a claim under PIC first.

Actually all the information is there. You just need to click on the links and read them. For both PIC and PIC bonus you need to have at least 3 staff with CPF contribution, not including shareholder of the companies.

Companies must pay first
Yes keep a copy of the invoice attached to your claims and file it up for easy reference, though there is no need to submit the invoice when doing the claims
Usually within 3 months of the claim they will send you the money.

Click on the PIC cash payout form and you will see all the information needed to apply for the claim.

If you still have no idea how to go about it, call them. They have officers who are able to help.

:thankyou: :udawoman:

]]>https://forum.kiasuparents.com/post/1157970https://forum.kiasuparents.com/post/1157970Fri, 29 Nov 2013 01:52:41 GMT<![CDATA[Reply to PIC bonus on Thu, 28 Nov 2013 13:22:51 GMT]]>

kitty2:
How fast can they get bk the cash?why must claim first than can have the bonus?How fast can they get bk the cash?Must attached the invoice to the claim form?Must pay yourself then can claim right?


Thanks for your help as the website doesn't have these details
That is one of the criteria for the PIC bonus. It is a bonus claim to PIC thus named PIC bonus. Companies must have made a claim under PIC first.

Actually all the information is there. You just need to click on the links and read them. For both PIC and PIC bonus you need to have at least 3 staff with CPF contribution, not including shareholder of the companies.

Companies must pay first
Yes keep a copy of the invoice attached to your claims and file it up for easy reference, though there is no need to submit the invoice when doing the claims
Usually within 3 months of the claim they will send you the money.

Click on the PIC cash payout form and you will see all the information needed to apply for the claim.

If you still have no idea how to go about it, call them. They have officers who are able to help.

]]>https://forum.kiasuparents.com/post/1157739https://forum.kiasuparents.com/post/1157739Thu, 28 Nov 2013 13:22:51 GMT<![CDATA[Reply to PIC bonus on Thu, 28 Nov 2013 12:59:50 GMT]]>How fast can they get bk the cash?why must claim first than can have the bonus?How fast can they get bk the cash?Must attached the invoice to the claim form?Must pay yourself then can claim right?


Thanks for your help as the website doesnโ€™t have these details

]]>https://forum.kiasuparents.com/post/1157719https://forum.kiasuparents.com/post/1157719Thu, 28 Nov 2013 12:59:50 GMT<![CDATA[Reply to PIC bonus on Thu, 28 Nov 2013 12:33:42 GMT]]>

kitty2:
Funz:

[quote=\"kitty2\"]
Not so easy ๐Ÿ˜ž

Oh you referring to criteria.

Yah need at least 3 employees with CPF contribution.

Still have other criteria?

Thanks for sharing[/quote]http://www.iras.gov.sg/irasHome/page04.aspx?id=14566

You need to have claimed PIC first in order to qualify for the PIC bonus

]]>https://forum.kiasuparents.com/post/1157705https://forum.kiasuparents.com/post/1157705Thu, 28 Nov 2013 12:33:42 GMT<![CDATA[Reply to PIC bonus on Thu, 28 Nov 2013 12:25:50 GMT]]>

Funz:
kitty2:

[quote=\"Funz\"]This is for businesses. Pretty straight forward. Just go to the website, get the forms, fill in and follow instructions. You can choose to receive cash or use as tax offset. Your vendors should be able to tell you if their service or products are eligible for this.


Need 3 employees, contribute cpf?Need to check how much to contribute n when to contribute?

Not so easy ๐Ÿ˜ž

Oh you referring to criteria.

Yah need at least 3 employees with CPF contribution.[/quote]Still have other criteria?

Thanks for sharing

]]>https://forum.kiasuparents.com/post/1157704https://forum.kiasuparents.com/post/1157704Thu, 28 Nov 2013 12:25:50 GMT<![CDATA[Reply to PIC bonus on Thu, 28 Nov 2013 12:15:42 GMT]]>

kitty2:
Funz:

This is for businesses. Pretty straight forward. Just go to the website, get the forms, fill in and follow instructions. You can choose to receive cash or use as tax offset. Your vendors should be able to tell you if their service or products are eligible for this.


Need 3 employees, contribute cpf?Need to check how much to contribute n when to contribute?

Not so easy ๐Ÿ˜ž

Oh you referring to criteria.

Yah need at least 3 employees with CPF contribution.

]]>https://forum.kiasuparents.com/post/1157695https://forum.kiasuparents.com/post/1157695Thu, 28 Nov 2013 12:15:42 GMT<![CDATA[Reply to PIC bonus on Thu, 28 Nov 2013 12:01:57 GMT]]>

Funz:
This is for businesses. Pretty straight forward. Just go to the website, get the forms, fill in and follow instructions. You can choose to receive cash or use as tax offset. Your vendors should be able to tell you if their service or products are eligible for this.

Need 3 employees, contribute cpf?Need to check how much to contribute n when to contribute?

Not so easy ๐Ÿ˜ž

]]>https://forum.kiasuparents.com/post/1157685https://forum.kiasuparents.com/post/1157685Thu, 28 Nov 2013 12:01:57 GMT<![CDATA[Reply to PIC bonus on Thu, 28 Nov 2013 11:46:34 GMT]]>This is for businesses. Pretty straight forward. Just go to the website, get the forms, fill in and follow instructions. You can choose to receive cash or use as tax offset. Your vendors should be able to tell you if their service or products are eligible for this.

]]>https://forum.kiasuparents.com/post/1157679https://forum.kiasuparents.com/post/1157679Thu, 28 Nov 2013 11:46:34 GMT<![CDATA[Reply to PIC bonus on Thu, 28 Nov 2013 11:32:12 GMT]]>

zbear:
What is PIC bonus?



Productivity and Innovation Credit

]]>https://forum.kiasuparents.com/post/1157675https://forum.kiasuparents.com/post/1157675Thu, 28 Nov 2013 11:32:12 GMT<![CDATA[Reply to PIC bonus on Thu, 28 Nov 2013 10:59:18 GMT]]>What is PIC bonus?

]]>https://forum.kiasuparents.com/post/1157672https://forum.kiasuparents.com/post/1157672Thu, 28 Nov 2013 10:59:18 GMT