Businesses to enjoy 250% tax deduction on wages if employees volunteer at IPCs
Posted 30 Jun 2016 15:37 Updated 30 Jun 2016 16:04
SINGAPORE: From Jul 1 this year to the end of 2018, some businesses in Singapore will enjoy up to 250 per cent tax deduction on wages and related expenses, the Ministry of Finance (MOF), Inland Revenue Authority of Singapore (IRAS) and Ministry of Culture, Community and Youth (MCCY) said in a joint press release on Thursday (Jun 30).
The tax deduction applies to companies that send employees to volunteer and provide services, including secondments, to Institutions of a Public Character (IPCs) under the Business and IPC Partnership Scheme (BIPS), subject to receiving IPCs’ agreements, the authorities said.
The services include professional services such as in the areas of legal, human resources and accounting, or general voluntary services for IPCs, they added.
IPCs are registered charities that are allowed to issue tax-deductible receipts to donors who want to claim tax relief based on the amount of qualifying donations made. These charities must serve the needs of the community in Singapore as a whole, and not be confined to sectional interests or groups based on race, belief or religion, according to MCCY's website.
Currently, donors to IPCs already enjoy tax relief for 250 per cent of the donations.
BIPS was introduced in Budget 2016 to encourage employee volunteerism through businesses, and forms part of the Government’s efforts to promote philanthropy and volunteerism.
When he announced the scheme on Mar 24, Finance Minister Heng Swee Keat said it would boost corporate social responsibility (CSR) and make it easier for employees to give back through their workplaces.
In their press release on Thursday, the authorities said: "Through volunteering activities or secondments, businesses and IPCs can build enduring and sustained partnerships, benefiting both parties ... In the long run, the Government hopes to foster a widespread culture of caring in Singapore, where businesses and employees can play a greater role in meeting social needs and building a caring and cohesive society."
The scheme comes with some caveats, however. For example, the donation of goods and wages of the owners of sole proprietorships, partnerships and companies do not qualify for the tax deductions. The companies must also not have applied for other incentive schemes for the same services, and there is a cap of S$250,000 per year of assessment and S$50,000 per calendar year for the expenditure of each business and IPC respectively.
The guidelines and FAQs for IPCs interested in participating in BIPS can be found on the MOF and Charity Portal websites, and more information for businesses can be found on the IRAS website.
- CNA/mz
- wong chee tat :)
Showing posts with label rebates. Show all posts
Showing posts with label rebates. Show all posts
Thursday, June 30, 2016
Monday, September 30, 2013
HDB households to receive S$45m in utilities rebates in Oct 2013
HDB households to receive S$45m in utilities rebates in Oct 2013
POSTED: 30 Sep 2013 13:29
Some 800,000 Singaporean HDB households are to receive S$45 million worth of GST Voucher rebates in October 2013. The rebates come under the Utilities Save (U-Save) category and are used to offset the utilities expenses of households.
SINGAPORE: Some 800,000 Singaporean HDB households are to receive S$45 million worth of GST Voucher rebates in October 2013. The rebates come under the Utilities Save (U-Save) category and are used to offset the utilities expenses of households.
In statement released on Monday, the Finance Ministry said eligible households will each receive a voucher of S$45 to S$65, depending on their HDB flat type.
However, households whose members own more than one property are not eligible for the GST Voucher - U-Save vouchers.
The GST Voucher - U-Save is the household component of the permanent GST Voucher scheme that was introduced in Budget 2012.
It is paid out four times in the year -- July 2013, October 2013, January 2014 and April 2014.
- CNA/ac
- wong chee tat ):
POSTED: 30 Sep 2013 13:29
Some 800,000 Singaporean HDB households are to receive S$45 million worth of GST Voucher rebates in October 2013. The rebates come under the Utilities Save (U-Save) category and are used to offset the utilities expenses of households.
SINGAPORE: Some 800,000 Singaporean HDB households are to receive S$45 million worth of GST Voucher rebates in October 2013. The rebates come under the Utilities Save (U-Save) category and are used to offset the utilities expenses of households.
In statement released on Monday, the Finance Ministry said eligible households will each receive a voucher of S$45 to S$65, depending on their HDB flat type.
However, households whose members own more than one property are not eligible for the GST Voucher - U-Save vouchers.
The GST Voucher - U-Save is the household component of the permanent GST Voucher scheme that was introduced in Budget 2012.
It is paid out four times in the year -- July 2013, October 2013, January 2014 and April 2014.
- CNA/ac
- wong chee tat ):
Thursday, March 28, 2013
800,000 S'porean households set to receive S$77m worth of S&CC rebates
800,000 S'porean households set to receive S$77m worth of S&CC rebates
Posted: 28 March 2013 1351 hrs
SINGAPORE: Around 800,000 Singaporean HDB households can expect to receive S$77 million worth of Service & Conservancy Charges (S&CC) rebates in 2013. These S&CC rebates were announced during Budget 2013 to help households cope with increases in the cost of living.
In total, each eligible Singaporean household will receive one to three months of S&CC rebates, depending on HDB flat type.
Eligible households will receive a letter in April with more details of the rebates they will be getting.
The S&CC rebates will be disbursed over the months of April, July and October, and will be used to offset a household's S&CC directly.
For households who pay their S&CC through GIRO or any electronic mode of payment, town councils will arrange with the banks on the S&CC payments to take the rebates into account. For enquiries on S&CC payment and account status, residents can contact their respective town councils.
-CNA/ac
- wong chee tat :)
Posted: 28 March 2013 1351 hrs
SINGAPORE: Around 800,000 Singaporean HDB households can expect to receive S$77 million worth of Service & Conservancy Charges (S&CC) rebates in 2013. These S&CC rebates were announced during Budget 2013 to help households cope with increases in the cost of living.
In total, each eligible Singaporean household will receive one to three months of S&CC rebates, depending on HDB flat type.
Eligible households will receive a letter in April with more details of the rebates they will be getting.
The S&CC rebates will be disbursed over the months of April, July and October, and will be used to offset a household's S&CC directly.
For households who pay their S&CC through GIRO or any electronic mode of payment, town councils will arrange with the banks on the S&CC payments to take the rebates into account. For enquiries on S&CC payment and account status, residents can contact their respective town councils.
-CNA/ac
- wong chee tat :)
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