7 July 2016
SINGAPORE: 250% Tax Deductions on Offer to Businesses Seconding Staff to the Charity Sector
A 250% tax deduction is on offer to any Singapore business seconding staffing to work in the voluntary sector. The incentive relates to wages and expenses incurred by the company temporarily assigning an employee to any registered charity officially designated an Institution of Public Character (IPC).
The move is part of the Ministry of Finance’s Business and IPC Partnership Scheme (BIPS) – a programme aimed at promoting corporate social responsibility. The scheme will run until 31 December 2018.
Deductions will be limited to a maximums of SG$250,000 (US$185,000) per business per assessment year and to SG$50,000 per charity per calendar year. The wages of a company owner do not qualify under the terms of the scheme.