PIC Updates on 6 May 2016
PIC Cash rebates will be reduced from 1 Aug 2016 from 60% to 40%. PIC Scheme will end for YA2018 (i.e. 31 Dec 2017 if your financial year ends on 31 Dec 2017). For more details, please visit IRAS PIC Website.
Great news! Through the PIC program, you can claim back up to 60% of the course fees when you attend our courses.
The government has announced that companies, partnerships and sole-proprietors can now get back the money invested in training their employees through one or more of the following ways:
The PIC program will benefit different companies under different circumstances. Some companies will benefit more if they opt for cash payout while another will benefit more if they choose tax rebates. To understand which option is better for you, we have created a template that can calculate the benefits you can enjoy based on your company financial situation. With the template, enter your financial numbers into the yellow cells as shown below:
Update on 12 Apr 2012
In the above example, the company can get up to 65% of their training fees refunded through the IRAS PIC program.(computed through Excel Solver Function)
To find out the maximum claim you are entitled to, you have to adjust the different combination of claim amounts between the cash payout and enhanced deductions. If you are to do this manually, chances are that you will take a long time to identify the maximum payout you are entitled to. Instead of doing this manually, you can make use of a built-in function in Excel called the Solver which can make the adjustments and find the maximum deductions for you in just seconds. This is essentially financial modeling.