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Enjoy tax deductions of up to 2.5 times the qualifying donation amount during the next tax season when you donate to Community Chest or any approved Institution of a Public Character (IPC) before the year ends. On this page: What are tax deductible donations. What are non-tax deductible donations.
Donations & Tax Deductions. Find out more about the different types of donations and their respective tax deductibility, as well as how to claim these tax deductions. Learn about charities.
2 mar 2023 · 1 Aim. 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.
A tax deduction receipt should contain or incorporate the following: To indicate: "This receipt is for your retention. This donation is tax deductible and the deduction will be automatically included in your tax assessment as you have provided your Tax Reference number (e.g. NRIC/FIN/UEN).
The Philanthropy Tax Incentive Scheme (PTIS) is an incentive scheme administered by the Monetary Authority of Singapore. It is eligible for cash donations made by qualified Single Family Offices in Singapore for any charitable, benevolent, or philanthropic purpose to benefit persons, events, or objects outside of Singapore.
Individuals and corporations can claim tax deductions for donations made to any approved charity with IPC status in Singapore that are registered with the Commissioner of Charities (COC) and which have been granted tax-exempt status by IRAS.
Yes, donations to Caritas Singapore qualify for 250% tax deduction. You do not need to declare the donation amount in your income tax return. Tax deductions for qualifying donations will be automatically reflected in your tax assessments based on the information from Caritas Singapore.
