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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.
- Cash donations. Cash donations – by individuals and corporate donors – made to an approved Institution of a Public Character (IPC) for causes that benefit the local community, or the Singapore Government are tax deductible donations.
- Shares donations. For individuals, donations of public shares listed on the Singapore Exchange (SGX) or of units in unit trusts traded in Singapore to approved IPCs are tax deductible.
- Artefact donations. Donations to museums by individual or corporate donors are tax deductible donations if: The museum has obtained the Approved Museum Status with the National Heritage Board (NHB) ; and.
- Donation under the public art tax incentive scheme (PATIS) From 1 Apr 2006, companies or individuals who donate sculptures or works of art for public display to the National Heritage Board (NHB) or any of its approved recipients qualify for tax deductions.
Mar 2, 2023 · Deductible Donations. 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.
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.
Individual and corporate donations are eligible for 250% tax deduction. The deduction will be automatically included in your tax assessment if you have provided your tax reference number (e.g. NRIC/FIN/UEN).
Tax deductible donations are donations that qualify for enhanced tax deductions under section 37(3) of the Income Tax Act. The following 3 criteria can be used by IPCs to determine if a contribution qualifies as a tax deductible
Here’s what you need to know about tax deductible donations and how you can claim them for your business. What Are Tax Deductible Donations? Donations of money or property to any approved Institution of a Public Character (IPC) are tax deductible. These contributions qualify for tax deductions, reducing your total taxable income.
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