Budget 2023

What is the Philanthropy Tax Incentive Scheme about?

• A new Philanthropy Tax Incentive Scheme was announced during the Budget 2023 Statement. 

  The tax incentive allows for 100% tax deduction for overseas donations made through qualifying local intermediaries, capped at 40 percent of the donor’s statutory income. 

  The qualifying conditions include:

  • Donors must have a fund under the MAS Section 13O or 13U schemes;
  • Incremental business spending of $200,000

  MAS will release further details such as other eligibility conditions by 30 June 2023. 
  
  

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