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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.
For more Budget 2018 stories visit bt.sg/budget18