http://www.iras.gov.sg/ESVPortal/resources/etaxguideondonationswithbenefits.pdf
Originally posted by menoob:
wayang
there is a tax rebate column in IR8A for donation
Cash Donations
Cash Donations to any approved Institution of a Public Character (IPC) or the Singapore Government which benefit the local community is tax-deductible.
Not all registered charities are approved IPCs. Donations made to a charity without approved IPC status is NOT income tax-deductible.
Only outright donations that do not provide a material benefit to the donor are tax-deductible. However, as a concession, certain donations made to IPCs on or after 1 May 2006 will be deemed to be pure donations notwithstanding there is a benefit given in return for the donation. To qualify for the concessionary tax treatment, donations with benefits given in return will be regarded as pure donations if the benefits are treated as having no commercial value. Benefits are treated as no commercial value if:
1.
the benefit is given in acknowledgement of the donation; and
2.
the benefit has no resale value.
For details on this concessionary tax treatment and a list of common benefits given in return for donations and their tax treatment, please refer to the IRAS Circular published on 1 May 2006.
This donation scheme is applicable to both corporate and individual donors.
Originally posted by soulwinner:
would you offer to donate at least 20% of your salary to charity if are a MNC chairman whom pay have just risen by 40%...
What our IRAS rate for individual? around 20% or 18%
The following types of donations would qualify you for a double tax deduction:
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Cash Donations
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Shares Donations
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Computer Donations
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Artefact Donations
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Public Sculpture Donations
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Land and Building Donations
However, if naming opportunities are granted for any of the above from 1 January 2002 to 31 December 2004, then only a single tax deduction is allowed.
With effect from 1 January 2005, Double tax deduction will be allowed for:
1.
donations to name IPCs, IPC facilities, events or programmes,
2.
donations to name facilities of approved beneficiaries (including artefacts and public sculptures) under any of the other approved donation programmes,
3.
donations under any of the approved donation programme where the IPC or approved beneficiary acknowledgesthe donation by including the donor's name or logo in the IPC'scollaterals (e.g. banners, publications, advertisements).
Double tax deduction will not be granted in cases where the donor is essentially advertising at the facility, event or programme. For example, the donor should not be able to display its own banners, products or other collaterals at the facility, event or programme that it donated to. The "donation" in that case may instead be regarded as an advertising or marketing expense for tax purposes.