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Singapore Budget 2018: Tax deduction for businesses partnering charities to be extended

THE government will extend the Business and IPC Partnership Scheme (BIPS) for three more years, Finance Minister Heng Swee Keat said on Monday.

The BIPS allows businesses that support their staff to volunteer and provide services to IPCs (institutions of a public character) to enjoy a 250 per cent tax deduction on associated costs incurred.

The government will also extend a scheme known as SHARE as One, which provides dollar-for-dollar matching on donations to the Community Chest. This will be extended until fiscal year 2021. More than 440 new companies have joined SHARE since the scheme was launched.

For more Budget 2018 stories visit bt.sg/budget18

 

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SINGAPORE BUDGET 2018

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