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Singapore: Take-up of PIC Scheme Has Been Promising
Source: channelnewsasia.com
Source Date: Monday, October 15, 2012
Focus: ICT for MDGs
Country: Singapore
Created: Oct 16, 2012

SINGAPORE: Minister of State for Transport and Finance Josephine Teo says take-up of the government's Productivity and Innovation Credit (PIC) scheme has been promising.

The scheme offers businesses tax deductions for productivity measures.

And after a year in place, 34,700 firms, or 30 per cent of active companies which have filed tax returns, have tapped the scheme.

Automation equipment claims are the most popular under the scheme, followed by training claims.

Mrs Teo said: "Usage of the PIC scheme is also well spread out across all economic sectors. Generally, between 20 per cent to 40 per cent of the companies in each sector have made use of the scheme, including priority sectors as identified by the National Productivity and Continuing Education Council."

"For example, about 38 per cent of the companies in the construction sector and 32 per cent in the wholesale and retail trade sector have taken advantage of the scheme," she added.
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