From 1 Aug 2016, the following changes to PIC Cash Payout Scheme will take effect:
1. Reduction of cash payout rate for qualifying expenditure incurred on or after 1 Aug 2016 from 60% to 40% (the cash payout rate is not determined by the date of submission of the cash payout application); and
2. Compulsory e-Filing of cash payout applications. Hardcopy applications will not be accepted from 1 Aug 2016.
From 5 Jul 2016, 2-Step Verification or 2FA is required when you access IRAS’ e-Services using SingPass. 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 SingPass. Please set up your 2FA within the grace period so that you can e-File your PIC cash payout applications. For more information, please visit the SingPass website.
Source: https://www.iras.gov.sg/irashome/Schemes/Businesses/Productivity-and-Innovation-Credit-Scheme/