Productivity and Innovation Credit
The PIC grant applies to most courses offered at MANHATTAN English Studio. The Inland Revenue Authority of Singapore (IRAS) gives out Productivity and Innovation Credit to help small businesses in Singapore improve productivity at the workplace. Foreign companies such as Japanese or Korean businesses also qualify for PIC if they meet the criteria below.
Types of PIC support
- 400% Tax Deductions on up to $400,000 of expenditure per year OR
- PIC Cash Payout: Cash payout on up to $100,000 of expenditure per year
- PIC Bonus
External Training for Employees
There are six categories of expenses that are eligible for PIC grant support. External courses for employees that provide training for the purposes of the trade and business are eligible. Most courses available at MANHATTAN English Studio would be available for PIC support if the company meets given eligibility.
- Almost all businesses registered in Singapore are eligible for PIC, if they have incurred expenditure in any of the six qualifying activities.
- Singapore registered branches and subsidiaries of a foreign parent or holding company are also eligible for PIC. This also includes foreigner owned companies that conduct business in Singapore.
- If PIC Cash Payout option is required, the company must have at least 3 local employees (Singapore citizens or Singapore permanent residents with CPF contributions) excluding sole-proprietors, partners under contract for service and shareholders who are directors of the company.
- Other terms and conditions apply, for more information please visit http://www.iras.gov.sg/irashome/picredit.aspx