Charitable giving is a cornerstone of any compassionate society. In Singapore, the government actively encourages philanthropy by offering significant tax incentives for cash donations made to registered Institutions of a Public Character (IPCs).
Maximise Your Contribution with Tax Deductions:
When you donate cash to an approved IPC, you are eligible for a tax deduction of 250%. This means that for every dollar donated, your taxable income is reduced by $2.5. This incentive effectively amplifies the impact of your contribution.
Illustrative Example:
A cash donation of $1,000 allows you to claim a $2,500 deduction from your taxable income. This can lead to substantial tax savings, depending on your income bracket.
Key Considerations:
The Value of Informed Giving:
Understanding the tax benefits associated with cash donations allows you to optimise your charitable giving. By taking advantage of these incentives, you can contribute more significantly to the causes you champion while managing your financial obligations effectively.
Further Exploration:
For a comprehensive list of approved IPCs and detailed information on claiming tax deductions, please refer to the Inland Revenue Authority of Singapore (IRAS) website.
By incorporating these tax benefits into your philanthropic strategy, you can make a more profound impact on the lives of others while benefiting from prudent financial planning.
Support us at the Race Against Cancer:
Inspired to make a difference? Support the fight against cancer by making a donation to the Singapore Cancer Society through my personalised “Race Against Cancer” fundraising page: https://raceagainstcancer.org.sg/donate!T0028UR [or Insert your personalized donation link here]
Every dollar contributes to cancer awareness and prevention, free cancer screening services, financial assistance, rehabilitation services, psychosocial services, cancer support services and home hospice care.
Disclaimer: This content is for informational purposes only and should not be construed as financial advice. Please consult with a qualified financial advisor before making any financial decisions.
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
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