Productivity and Innovation Credit clinics to run for third time

Productivity and Innovation Credit clinics to run for third time

SINGAPORE - Small and medium enterprises (SMEs) can continue receiving free advice from Enterprise Development Centres (EDCs) and the Inland Revenue Authority of Singapore (IRAS) on the Productivity and Innovation Credit (PIC) scheme at the third run of the PIC Clinics from Thursday.

Introduced in 2010, the PIC scheme provides businesses with tax benefits for investing in a broad range of productivity improvement and innovation activities. PIC Clinics started in 2011, have helped some 700 SMEs so far.

Sin Leong Lee Coffee Pte Ltd, a coffee powder manufacturer, is one of the many SMEs which has benefited from the clincs. Mr Ng Han Hoe, Director of Sin Leong Lee Coffee, said: "Coffee roasting is a traditional and manual process. The clinic showed us how we could tap the PIC scheme to automate our processes."

"The upgrading has helped us reduce manual labour and cut production time from 45 minutes to 15 minutes," he added.

PIC Clinics will be held every Thursday from Jan 17 to June 27.

The sessions will be held at IRAS and the five EDCs located at Association of Small and Medium Enterprises, Singapore Chinese Chamber of Commerce and Industry, Singapore Indian Chamber of Commerce and Industry, Singapore Malay Chamber of Commerce and Industry and Singapore Manufacturing Federation.

About 500 SMEs are expected to attend.

During the one-to-one sessions, EDC advisors and IRAS officers will be on-hand to help SMEs understand the PIC tax incentive, how it works and how to claim. SMEs can bring along relevant financial information for advisors to assess if they qualify for the scheme.

SMEs interested to learn more about PIC and how to benefit from the scheme can sign up for the clinics at www.spring.gov.sg/PIC-CLINIC.

SMEs may also find out about other government assistance schemes at the clinics.

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