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Donate to Community Chest or any approved Institution of a Public Character (IPC) for causes that benefit the local community and lower your tax payable. For every $1 donated to an approved IPC, $2.50 will be deducted from your taxable income next year.
2 mar 2023 · 1.1 This e-Tax Guide sets out what contributions made to an Institution of A Public Character (“IPC”) or a Grant-Making Philanthropic Organisation (“Grant-maker”) are considered donations and eligible for tax deduction under the Income Tax Act 1947 (“ITA”); and the differences between donations and sponsorships.
This e-Tax Guide sets out the concessionary tax treatment for cash donations made on or after 19 March 2021, with certain benefits received in return and is relevant for Institutions of Public Character (IPCs) or a registered charity [hereinafter “Charity”].
19 mar 2021 · Tax Treatment of Donations with Benefits 2 1 Aim 1.1 This e-Tax Guide sets out the concessionary tax treatment applicable for cash donations with certain types of benefits received in return, where the donations are made on or after 19 March 2021. This guide is only applicable for donations, a
Tax Deductibility of Donations. Please visit the Inland Revenue Authority of Singapore (IRAS) website for more information on the various types of donations which will qualify for tax deduction. Charity Portal Singapore Homepage.
The donors can claim 100% tax deduction for their overseas donations made through Qualified Local Intermediaries, such as CHARIS. The tax deduction is capped at 40% of the donor’s statutory income. How do I make a donation under this scheme?
New! To continue encouraging Singaporeans to give back to the community and to provide strong support for the charity sector, the Minister for Finance has announced in Budget 2021 that the 250% tax deduction for qualifying donations will be extended for another two years till 31 December 2023. Claiming Tax Deductible Donations.
