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Budget 2016: Government to boost matching for charity giving from businesses
The Singapore government will provide a dollar-for-dollar matching for additional donations through ComChest's monthly donation programme that funnels regular donations through payroll deductions or GIRO, said Heng Swee Keat, Minister for Finance.
This comes as some businesses have been active in supporting this programme, known as SHARE. The dollar-for-dollar matching will be done for three years, starting from April this year.
The Singapore government will also introduce a Business and Institutions of a Public Character (IPC) partnership scheme. Businesses that organise their employees to volunteer and provide services to IPCs, will receive a 250 per cent tax deduction on incurred costs, upon the agreement of the IPC. This deduction, for activities from July 1, 2016 to the end of 2018, will be subjected to a yearly cap of S$250,000 per business, and S$50,000 per IPC.
- For more Budget stories, go to bt.sg/budget_16. For live analysis by commentators on our blog go to bt.sg/budget2016blog.