SINGAPORE - Singapore’s decision to extend its tax deduction rate for donations for another three years until the end of 2026, one of the measures announced during the Budget unveiled on Feb 14, was welcomed by Institutions of a Public Character (IPCs) and other bodies The Sunday Times spoke to. Read more at straitstimes.com.
until the end of 2026, one of the measures announced during the Budget unveiled on Feb 14, was welcomed by Institutions of a Public Character and other bodies The Sunday Times spoke to.
Deloitte South-east Asia’s clients and markets leader James Walton said the steps are “consistent with the Government’s ongoing effort to foster a culture of giving, particularly in a time where the rising cost of living... could present more challenges for certain community groups”. The qualifying per-IPC cap will also double to $100,000 per calendar year, to facilitate deeper partnerships between businesses and IPCs.
This is because most social services’ activities, programmes and services are now available in-person or online.Deloitte’s Mr Walton also welcomed the move to include online activities under the scheme. She observed that Community Chest had already been rallying its corporate partners to adopt more sustainable philanthropy practices, such as regular volunteerism, to ensure that the social service sector is adequately supported.
Others pointed out that external factors could still hinder the Government’s efforts to cultivate philanthropy.
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