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Parliamentary Replies

Updates on the productivity and innovation credit scheme and the national productivity fund

10 Jan 2011

Date: 10 January 2011

Parliamentary Question for written answer by Mrs Mildred Tan:

To ask the Minister for Finance whether he will provide an update on the Productivity and Innovation Credit Scheme and the National Productivity Fund that were introduced in 2010.

Reply by Finance Minister Tharman Shanmugaratnam:

1. The Productivity and Innovation Credit (PIC) scheme is for businesses which incur qualifying expenditure for Year of Assessment (YA) 2011 to YA 2015. The filing deadline for the YA 2011 income tax return is 30 November 2011. Statistics on the take-up rate of PIC will only be available in early 2012

2. As for the National Productivity Fund, the Government will be providing further updates during the upcoming Budget.