Tax Deduction Scheme for Grantmakers

Donors who donate to qualifying grantmaking philanthropic organisations ("Grantmakers") may get tax deduction on their donations.

Tax Deduction for Donors

Donors who donate to Qualifying Grantmaking Philanthropic Organisations ("Grantmakers") would qualify for 300% tax deduction for donations made from 1 Jan 2015 to 31 Dec 2015 and 250% tax deduction for donations made from 1 Jan 2016 to 31 Dec 2023.

Under this scheme, Grantmakers will be allowed to grant tax deduction at the point of donation by the donor from the date of successful registration. This is applicable even where the Grantmaker itself is not an IPC.

Qualifying as Grantmaker

To qualify as grantmaker, the organisation must:
  1. Either be a registered charity under the Charities Act or a grantmaker approved under the NPO tax incentive scheme administered by the Singapore Economic Development Board (EDB);
  2. Channel the donation intended for the IPC to a segregated account/fund ("designated IPC fund") that is designated for donations to IPCs only;
  3. Be responsible for issuing the tax-deduction receipt to the donor, and it must distribute the donations to IPCs within five years of receipt of the donations from the donors;
  4. Be liable to pay to IRAS a financial penalty of the amount ascertained by the formula 0.4x the total value of the donations for:
    1. Any amount of tax deduction that has been incorrectly granted or that is not properly due to a donor; and
    2. Any amount of tax deduction granted on donations that are not disbursed within the five-year timeframe.
  5. Distribute any remaining funds/assets to IPCs within one month upon dissolution of the designated IPC fund;
  6. Put in place proper procedures to ensure that the donations are in fact channeled to IPCs;
  7. Keep proper records such as the identity of each donor, date of donation, amount of donation received from each donor and the amount of tax deduction receipts that was issued to each donor for at least seven years;
  8. Submit details of cash donation received and disbursed in the format prescribed by IRAS on an annual basis; and
  9. Subject the designated IPC fund to an annual external audit and submit the annual audited accounts to IRAS within one month of the date of the audit report.

Registering as Grantmaker

To register as a grantmaker under the tax deduction scheme, the organization must:

  1. Submit a Letter of Undertaking to IRAS; and
  2. Satisfy all the qualifying conditions listed above.

List of Registered Grantmakers

 S/NName of Organisation  Effective Date of Registration
1 Temasek Foundation International CLG Limited 1 Apr 2007
2 CapitaLand Hope Foundation 22 May 2008
 Rose Marie Khoo Foundation 1 Apr 2010
4 Chew Hua Seng Foundation 1 Sep 2010
 Ho Bee Foundation 23 Dec 2010
6 Wing Tai Foundation 23 Dec 2010
7 NTUC Fairprice Foundation Limited 13 Jan 2011
8 The Anglo-Chinese Schools Foundation Limited 29 Apr 2011
9 Keppel Care Foundation Ltd 7 Oct 2011
10 The Silent Foundation Ltd 6 Dec 2011
11 Ong Foundation 4 Sep 2012         
12 S C Wong Foundation Trust 27 Nov 2013              
13 DBS Foundation Limited  13 Apr 2015 
14 Holywell Foundation Limited  16 Jul 2015 
15 AT Capital Charitable Foundation Limited  12 Aug 2015 
16 Lew Foundation 23 Sep 2015 
17 Tan Mok Koon Charity Fund Limited 28 Dec 2015
18 RHT Rajan Menon Foundation Ltd. 28 Nov 2016
19 Octava Foundation Limited 1 Mar 2017
20 Como Foundation  20 Mar 2017 
21 Lotus Life Foundation Limited  23 Mar 2017 
22 Chow Tai Fook Charity Foundation (Singapore) Limited  7 Sep 2017 
23 Changi Foundation Limited 13 Mar 2019 
24 UBS Optimus Foundation Singapore Ltd.  21 Nov 2019 
25 TL Whang Foundation Limited  12 Dec 2019 
26 Temasek Trust Ltd 1 Apr 2020
27 Soulrich Foundation Ltd 23 Apr 2020
28 The Masonic Charitable Fund 23 Oct 2020