On 4 July 2014, the Singapore Ministry of Finance issued the draft Income Tax (Amendment) Bill 2014 for public consultation. The draft bill  includes 14 legislative amendments that give effect to policies announced in Budget 2014, and 27 legislative amendments relating to non-Budget changes. Key changes that give effect to policies in Budget 2014 include: Extension of the Productivity and Innovation Credit (PIC) scheme for 3 years till year of assessment 2018 The introduction of the PIC+ Scheme, under which qualifying SMEs can claim 400% tax deduction for up to $600,000 of expenditure per qualifying activity per year of assessment Extension...