Donors who donate to qualifying grantmaking philanthropic organisations ("Grantmakers") may get tax deduction on their donations.
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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:
- 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);
- Channel the donation intended for the IPC to a segregated account/fund ("designated IPC fund") that is designated for donations to IPCs only;
- 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;
- 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:
- Any amount of tax deduction that has been incorrectly granted or that is not properly due to a donor; and
- Any amount of tax deduction granted on donations that are not disbursed within the five-year timeframe.
- Any amount of tax deduction that has been incorrectly granted or that is not properly due to a donor; and
- Distribute any remaining funds/assets to IPCs within one month upon dissolution of the designated IPC fund;
- Put in place proper procedures to ensure that the donations are in fact channeled to IPCs;
- 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;
- Submit details of cash donation received and disbursed in the format prescribed by IRAS on an annual basis; and
- 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:
- Submit a Letter of Undertaking (PDF, 113KB) to IRAS; and
- Satisfy all the qualifying conditions listed above.
List of Registered Grantmakers
S/N | Name of Organisation | Effective Date of Registration |
---|---|---|
1 | CapitaLand Hope Foundation | 22 May 2008 |
2 | Rose Marie Khoo Foundation | 1 Apr 2010 |
3 | Chew Hua Seng Foundation | 1 Sep 2010 |
4 | Ho Bee Foundation | 23 Dec 2010 |
5 | Wing Tai Foundation | 23 Dec 2010 |
6 | NTUC Fairprice Foundation Limited | 13 Jan 2011 |
7 | The Anglo-Chinese Schools Foundation Limited | 29 Apr 2011 |
8 | Keppel Care Foundation Ltd | 7 Oct 2011 |
9 | The Silent Foundation Ltd | 6 Dec 2011 |
10 | Ong Foundation | 4 Sep 2012 |
11 | S C Wong Foundation Trust | 27 Nov 2013 |
12 | DBS Foundation Limited | 13 Apr 2015 |
13 | Holywell Foundation Limited | 16 Jul 2015 |
14 | AT Capital Charitable Foundation Limited | 12 Aug 2015 |
15 | Lew Foundation | 23 Sep 2015 |
16 | Tan Mok Koon Charity Fund Limited | 28 Dec 2015 |
17 | RHT Rajan Menon Foundation Ltd. | 28 Nov 2016 |
18 | Octava Foundation Limited | 1 Mar 2017 |
19 | Como Foundation | 20 Mar 2017 |
20 | Lotus Life Foundation Limited | 23 Mar 2017 |
21 | Chow Tai Fook Charity Foundation (Singapore) Limited | 7 Sep 2017 |
22 | Changi Foundation Limited | 13 Mar 2019 |
23 | UBS Optimus Foundation Singapore Ltd. | 21 Nov 2019 |
24 | TL Whang Foundation Limited | 12 Dec 2019 |
25 | Temasek Trust Ltd | 1 Apr 2020 |
26 | Soulrich Foundation Ltd | 23 Apr 2020 |
27 | The Masonic Charitable Fund | 23 Oct 2020 |
28 | Singapore Indian Fine Arts Society | 15 Dec 2021 |
29 | LU Foundation Ltd | 26 Jan 2022 |
30 | The Moh Family Foundation Limited | 21 Feb 2022 |