On 19 September 2014, the Inland Revenue Authority of Singapore issued a revised e-Tax Guide on the Productivity and Innovation Credit (PIC). The PIC was initially available for years of assessment 2011 to 2015, but has been extended to 2018. The credit is a 400% deduction or capital allowance for the following 6 types of expenditures with a cap of SGD 400,000 per years of assessment: Acquisition or leasing of prescribed automation equipment Acquisition or licensing of qualifying intellectual property rights Costs for registering qualifying intellectual property rights Qualifying research and development expenditure Qualifying training expenditure Qualifying design expenditure Taxpayers...