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.