Singapore Budget 2018: 250% tax cut for donations made to IPC extended to end-2021
SINGAPORE will extend the 250 per cent tax cut for donations made to institutions of a public character (IPCs) for another three years until Dec 31, 2021, Finance Minister Heng Swee Keat said on Monday.
This is to foster the spirit of giving in Singaporeans and to encourage everyone to contribute to the community, he said in Parliament during the Budget 2018 speech.
The government will also increase its support to the five community development councils (CDCs).
From FY2018 onwards, it will increase the annual matching grant cap for CDCs from S$24 million to S$40 million. Currently, the government matches S$3 for every S$1 that the CDCs raise, up to an annual cap of S$24 million.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Britain’s retail sales disappoint in sign of lacklustre recovery
Explosions in Iran, US media reports Israeli strikes
US veto sinks Palestinian UN membership bid in Security Council
Pro-China local leader ousted in Solomon Islands election
Japan‘s March inflation slows to 2.6%, eyes on BOJ move
S&P downgrades Israel rating on heightened geopolitical risk