PRODUCTIVITY AND INNOVATION (PIC)
Businesses can enjoy tax savings in the form of deductions/allowances of up to 400% or opt for non-taxable cash payouts when they invest in any of the Six Qualifying Activities.
And the productivity improvement activities provided by us covered under PIC is Training of Employees.
TRAINING EXPENDITURE THAT QUALIFIES FOR PIC
Qualifying training costs include training for all employees. It does not matter whether they are local or foreign employees. External and in-house training can qualify for PIC.
The fees for the training course is paid to an external training service provider.
The course is conducted by employees of the businesses where expenditure is incurred in relation to the provision of the following:
- Workforce Skills Qualification (WSQ) training courses accredited by the SkillsFuture SG (SSG) and conducted by a WSQ in-house training provider
- Courses approved by the Institute of Technical Education (ITE) under the ITE Approved Training Centre scheme
- On-the-job training by an On-the-job Training Centre certified by ITE
To find out more information about PIC, click here.