What is Productivity and Innovation Credit Scheme in Singapore?
It is a program that SMEs to encourage business to invest in productivity and innovation may receive the following benefits:
- 60 percent cash payout of up to SGD$ 100,000; or
- 400 percent tax deduction/ allowances of up to SGD$ 400,000,
which will have to be expended on:
- Purchase/ lease of prescribed automation equipment
- Training expenditure
- Acquisition and registration of intellectual property
- R&D
- Design expenditure
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