In addition to the existing PIC scheme, a PIC bonus of up to a total of $15,000 from YA 2013 to YA 2015 will be granted to businesses such as sole proprietorships, partnerships and companies that have spent a minimum of $5,000 in PIC (net of grants and subsidies), with active business operations in Singapore and have employed at least 3 local employees (Singapore or Singapore permanent residents with Central Provident Fund (CPF) contributions) excluding sole-proprietors, partners under contract for service and shareholders who are directors of the company. The PIC Bonus is taxable.