WHEN Budget 2024 was announced as the first instalment of plans for the Forward SG initiative, the instinct was that the new policies or policy shifts would aim at benefiting Singaporeans – workers, students, families, businesses and more.

A closer look at the announcements shows that a lot more parties are impacted.

The Overseas Humanitarian Assistance Tax Deduction Scheme, for example, will be piloted for four years from 2025. This scheme provides individual and corporate donors with a 100 per cent tax deduction for qualifying cash donations to charities located around the world.