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PIC stands for Productivity Innovation Credit. It is administered by Inland Revenue Authority of Singapore (IRAS). The PIC Grant rewards Singaporean companies who innovate and become more productive, and can claim up to a cost of $100,000 (60% at $60,000).
This does include for website expenditure and is relevant to Singaporean recruitment companies, so long as they qualify.
Where it is less clear, and where a firm needs to use caution, is whether this can be wholly applied to the local Singapore office of a regional and international group.
A Singapore headquartered business would have a strong claim to the entire credit be due in the parent company – they are likely receiving overhead recharges from group companies.
A regional business with a Singapore office needs to be more careful and look to apportion the credit on a fair and reasonable basis.
Likewise, with a fully international operation, a claim should only be considered for that part of the business which is covered by and paid for by the Singapore office. UK Companies in particular need to be careful of any transfer pricing implications.
The PIC is a great incentive for the Singapore market and encourages technology development - If you are considering applying, seek professional advice.