PIC Cash grant per submission pricing:
- First 15 items – $350
- Every additional 15 items – $200
The PIC scheme will expire after YA 2018. In addition, businesses who wish to elect for cash payout option on qualifying expenditure must incur the expenditure by the last day of the basis period for YA 2018.
The PIC cash payout conversion rate is 40% for expenditure incurred on or after 1 Aug 2016. Expenditure incurred after the basis period of YA 2018 will not be eligible for PIC cash payout. Hence, the eligibility for cash payout is determined based on the date when the expenditure is incurred and not the date of submission of the cash payout application.
First of all, to qualify for the PIC scheme, a company with the financial year end of 31 Dec must incur the qualifying expenditure by 31 Dec 2017 (last day of the company’s basis period for YA 2018). For YA 2018 PIC cash payout, the application form can be e-Filed anytime after the end of the relevant quarter of YA 2018.
The last day to e-File the form is the filing due date of the YA 2018 Income Tax Return. Expenditure incurred from 1 Jan 2018 onwards will not qualify for PIC benefits.