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11-Jul-2015 17:23

From , the following changes to PIC Cash Payout Scheme will take effect: 1. From , 2-Step Verification or 2FA is required when you access IRAS' e-Services using Sing Pass.Reduction of cash payout rate for qualifying expenditure incurred on or after from 60% to 40% (the cash payout rate is determined by the date of submission of the cash payout application); and 2. If you have not set up your 2FA, you will be given a one-time grace period of 30 days to do so upon first login to Sing Pass.

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For qualifying expenditure incurred from YA 2013 to 31 July 2016, the cash payout is 60%.

For qualifying expenditure incurred on or after 1 August 2016 to YA 2018, the cash payout conversion rate will be at 40%.