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Knowledge Centre

Budget 2023

What is the Philanthropy Tax Incentive Scheme about?

  • A new Philanthropy Tax Incentive Scheme was announced during the Budget 2023 Statement

    The tax incentive allows for 100% tax deduction for overseas donations made through qualifying local intermediaries, capped at 40 percent of the donor’s statutory income. 

    The qualifying conditions include:

    • Donors must have a fund under the MAS Section 13O or 13U schemes;
    • Incremental business spending of $200,000

    MAS will release further details such as other eligibility conditions by 30 June 2023.