Singapore firms call for extension of the PIC scheme

Will it be answered in the Budget 2014?

In a release, KPMG said the Productivity and Innovation Credit (PIC) scheme is expiring in Year of Assessment 2015. According to KPMG's Singapore Pre-Budget 2014 Survey released on 21 January, an overwhelming 96.8 percent of 159 companies in Singapore believe the scheme should be extended.

The survey said that hopes are high for extension beyond YA2015, as many companies are just starting their transformation to productivity and innovation-led growth. Many SMEs are also still unsure how to restructure and need more help. Short-term concerns of costs and labour have come at the expense of value creation activities. Therefore, more needs to be done for innovation, such as R&D and branding.