PIC + Scheme for Small and Medium Enterprises
The above scheme is available to Small and Medium Enterprises (SME) for expenditure incurred in YA 2015 to YA 2018.
The expenditure cap for qualifying SME will be increased from $400,000 to $600,000 per qualifying activity per YA.
Since the PIC+ Scheme only takes effect from YA 2015, the combined expenditure cap will be up to $1.4 million for YA 2015 (i.e. $400,000 for YA 2013 + $400,000 for YA 2014 + $600,000 for YA 2015) and up to $1.8 million for YA 2016 to YA 2018.
The expenditure cap for PIC cash pay-out will remain at $100,000 of qualifying expenditure per YA.
A qualifying SME refers to a sole-proprietorship, a partnership or a company with annual turnover not exceeding $100 million; or with workforce not exceeding 200 workers. This criterion will be applied at the group level if the SME is part of a group.