Tax-deductible donations up by more than 24% in 2015
Posted 12 Aug 2016 13:08 Updated 12 Aug 2016 13:32
SINGAPORE: Tax-deductible donations rose by more than 24 per cent to S$1.4 billion in 2015, according to the annual report by the Office of the Commissioner of Charities (COC) released on Friday (Aug 12).
According to the report, the increase was largely spurred by the increase in tax deduction from 250 per cent to 300 per cent to encourage more charitable giving in celebration of Singapore’s Golden Jubilee.
"This substantial increase in donations can be attributed to the raising of the lifetime funding cap for each organisation under the Cultural Matching Fund, from S$10 million to S$15 million in 2015," Commisioner of Charities Low Puk Yeong said in the report.
The Office of the COC said that it will continue to work with all charities and partners to uphold good standards of governance and transparency.
Among this are the many new collaborations the charity council established with various agencies from the people and private sector in 2015 - all with the common goal to help strengthen governance standards and capabilities of our charities, Mr Low said.
"This included joint initiatives with the Institute of the Chartered Accountants, the Chartered Institute of Management Accountants, Chartered Secretaries Institute of Singapore, the Singapore Management University and the NUS Centre for Social Development Asia," he added.
Mr Low also cited the Charity transparency Framework (CTF) as a key initiative.
The CTF, which is a scorecard for charities to perform self-assessment, served to enhance disclosure and governance practices for charities, Mr Low said.
PROTECTING CHARITIES FROM TERRORIST FINANCING ABUSE
In a statement, the Office of the COC said that one of its key areas of focus in 2015 was to "sensitise charities to the risks of being used as a channel for terrorist financing".
To this end, a guide, "Protecting Your Charity Against Money Laundering and Terrorist Financing" was published in May 2015, the Office said.
Mr Low added: "Anecdotal evidence in recent years indicates that some charities are more vulnerable to exploitation for terrorism or terrorist financing ... My Office also held targeted engagement sessions with charities to raise their understanding of the safeguards and due diligence measures to protect them from such risks."
"Strong co-ordination networks are also established between my Office and the law enforcement and Intel agencies to facilitate information sharing and inter-agency collaboration."
The report also said charities with exemplary disclosures efforts will be recognised at the inaugural Charity Transparency Awards in Sep 2016.
- CNA/am
- wong chee tat :)
Showing posts with label donate. Show all posts
Showing posts with label donate. Show all posts
Monday, August 15, 2016
Thursday, March 24, 2016
Budget 2016: New initiatives to encourage Singaporeans to give back to community
Budget 2016: New initiatives to encourage Singaporeans to give back to community
From tax deductions to a new fund to catalyse ground-up projects, Budget 2016 introduces initiatives to encourage Singaporeans to help those in need.
Posted 24 Mar 2016 17:18
SINGAPORE: To encourage Singaporeans and businesses to give back to the community, Budget 2016 will introduce measures that encourage people to step forward and make it easier for employees to contribute through their workplaces, Finance Minister Heng Swee Keat announced on Thursday (Mar 24).
Currently, businesses receive a tax deduction of 250 per cent for donations of cash and in-kind donations such as computers to certain Institutions of a Public Character (IPCs).
To encourage employee volunteerism, a pilot Business and IPC Partnership scheme will be introduced. From Jul 1 this year until the end of 2018, companies that organise their employees to volunteer and provide services to IPCs, including secondments, will also receive a 250 per cent tax deduction on costs incurred.
This deduction requires the receiving IPC’s agreement, and is subject to a yearly cap of S$250,000 per business and S$50,000 per IPC, Mr Heng said.
The Community Chest’s monthly donation programme SHARE will also get a boost, with dollar-for-dollar matching from the Government for any additional donations over and above the FY2015 level. This will be done for the next three years, starting in April this year, Mr Heng said.
“Where businesses allow their staff to donate regularly, we will allow part of the matching funds to be used by them to organise corporate social responsibility activities,” he added.
COMMUNITY NETWORKS FOR SENIORS
A pilot initiative called the Community Networks for Seniors will be launched, comprising local stakeholders such as Voluntary Welfare Organisations, community volunteers, schools and businesses.
At its core, the network will have a small team of full-time officers, who will study the health and social needs of seniors and draw stakeholders together to provide coordinated support, Mr Heng said.
“We hope to help seniors discover health conditions earlier and manage them well, while connecting those who are healthy and mobile to a wide range of activities to encourage them to stay active, healthy and engaged in the community,” he said.
Seniors who require more help, such as frail elderly living alone, will get more targeted and coordinated health and social support under the networks.
CATALYSING GROUND-UP INITIATIVES
According to Mr Heng, the SG50 Celebration Fund – set up to support ground-up community projects in celebration of Singapore’s Jubilee year – received good response and supported close to 400 projects.
To continue supporting such initiatives, a new S$25 million Our Singapore Fund will be set up by the second half of this year.
“It is Our Singapore Fund because it is about how we all can come together in partnership to share our strengths, share our loves, create something more and better together, to build our Singapore together,” Mr Heng said.
The fund will support projects that build the spirit of caring and resilience, nurture our can-do spirit, and promote unity and our sense of being Singaporean, he added.
“This is the spirit of the society that we are building. It is one where we rise above our circumstances, to build a better life for ourselves and our children. It is a society that cares for those in need, and where those who are helped do their part to help others. It is a society that we are all proud to be a part of,” he said.
- CNA/cy
- wong chee tat :)
From tax deductions to a new fund to catalyse ground-up projects, Budget 2016 introduces initiatives to encourage Singaporeans to help those in need.
Posted 24 Mar 2016 17:18
SINGAPORE: To encourage Singaporeans and businesses to give back to the community, Budget 2016 will introduce measures that encourage people to step forward and make it easier for employees to contribute through their workplaces, Finance Minister Heng Swee Keat announced on Thursday (Mar 24).
Currently, businesses receive a tax deduction of 250 per cent for donations of cash and in-kind donations such as computers to certain Institutions of a Public Character (IPCs).
To encourage employee volunteerism, a pilot Business and IPC Partnership scheme will be introduced. From Jul 1 this year until the end of 2018, companies that organise their employees to volunteer and provide services to IPCs, including secondments, will also receive a 250 per cent tax deduction on costs incurred.
This deduction requires the receiving IPC’s agreement, and is subject to a yearly cap of S$250,000 per business and S$50,000 per IPC, Mr Heng said.
The Community Chest’s monthly donation programme SHARE will also get a boost, with dollar-for-dollar matching from the Government for any additional donations over and above the FY2015 level. This will be done for the next three years, starting in April this year, Mr Heng said.
“Where businesses allow their staff to donate regularly, we will allow part of the matching funds to be used by them to organise corporate social responsibility activities,” he added.
COMMUNITY NETWORKS FOR SENIORS
A pilot initiative called the Community Networks for Seniors will be launched, comprising local stakeholders such as Voluntary Welfare Organisations, community volunteers, schools and businesses.
At its core, the network will have a small team of full-time officers, who will study the health and social needs of seniors and draw stakeholders together to provide coordinated support, Mr Heng said.
“We hope to help seniors discover health conditions earlier and manage them well, while connecting those who are healthy and mobile to a wide range of activities to encourage them to stay active, healthy and engaged in the community,” he said.
Seniors who require more help, such as frail elderly living alone, will get more targeted and coordinated health and social support under the networks.
CATALYSING GROUND-UP INITIATIVES
According to Mr Heng, the SG50 Celebration Fund – set up to support ground-up community projects in celebration of Singapore’s Jubilee year – received good response and supported close to 400 projects.
To continue supporting such initiatives, a new S$25 million Our Singapore Fund will be set up by the second half of this year.
“It is Our Singapore Fund because it is about how we all can come together in partnership to share our strengths, share our loves, create something more and better together, to build our Singapore together,” Mr Heng said.
The fund will support projects that build the spirit of caring and resilience, nurture our can-do spirit, and promote unity and our sense of being Singaporean, he added.
“This is the spirit of the society that we are building. It is one where we rise above our circumstances, to build a better life for ourselves and our children. It is a society that cares for those in need, and where those who are helped do their part to help others. It is a society that we are all proud to be a part of,” he said.
- CNA/cy
- wong chee tat :)
Friday, October 19, 2012
ComChest honours record number of long-time corporate donors
ComChest honours record number of long-time corporate donors
By Melissa Chong | Posted: 18 October 2012 1911 hrs
SINGAPORE: The Community Chest (ComChest) has honoured a record number of long-time corporate donors this year.
The ComChest honoured 47 organisations for helping them raise millions in funds.
The list of donors is four times longer than a decade ago.
Some of the organisations have been raising funds for ComChest's charities for over 20 years.
Special recognition was given to Temasek Polytechnic, Langdon & Seah Singapore, and SingTel.
Sin Yang Fong, vice president, Group Investor Relations & Communications, SingTel, said: "In the past 10 years, we've been able to donate a total of over S$20 million to the various charities that we supported. The SingTel Touching Lives Fund received generous support from various stakeholders."
Some corporate donors, like Temasek Polytechnic, identify SHARE (Social Help and Assistance Raised by Employees) champions to encourage employees to pitch in.
Currently, 90 per cent of their staff donate regularly to the ComChest.
Toh Sian Chow, human resource officer at Temasek Polytechnic, said: "When I know that some of my colleagues haven't contributed, I will have a chat with them to help them understand that many of the less fortunate need our help."
- CNA/cc
- wong chee tat :)
By Melissa Chong | Posted: 18 October 2012 1911 hrs
SINGAPORE: The Community Chest (ComChest) has honoured a record number of long-time corporate donors this year.
The ComChest honoured 47 organisations for helping them raise millions in funds.
The list of donors is four times longer than a decade ago.
Some of the organisations have been raising funds for ComChest's charities for over 20 years.
Special recognition was given to Temasek Polytechnic, Langdon & Seah Singapore, and SingTel.
Sin Yang Fong, vice president, Group Investor Relations & Communications, SingTel, said: "In the past 10 years, we've been able to donate a total of over S$20 million to the various charities that we supported. The SingTel Touching Lives Fund received generous support from various stakeholders."
Some corporate donors, like Temasek Polytechnic, identify SHARE (Social Help and Assistance Raised by Employees) champions to encourage employees to pitch in.
Currently, 90 per cent of their staff donate regularly to the ComChest.
Toh Sian Chow, human resource officer at Temasek Polytechnic, said: "When I know that some of my colleagues haven't contributed, I will have a chat with them to help them understand that many of the less fortunate need our help."
- CNA/cc
- wong chee tat :)
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