Companies in Singapore are increasingly utilising the Productivity and Innovation Credit (PIC). Introduced in 2010, PIC scheme aims to support companies to adopt technology and automation in a move to reduce reliance on manpower and gearing the company towards an innovation driven economy. Since its launch, companies have benefited from tax savings and cash payouts. The number of companies benefitting from the scheme has also increased. However akin to this is also the increase number of false claim cases, where unethical business owners attempt to ‘abuse’ the provisions of the scheme to claim cash payouts or enjoy tax exemptions.
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