Personal Finance
Is it worth it financially to reduce taxes through donation?
By Bully The Bear  •  July 4, 2014
In Singapore, if you donate to Institutions of a Public Character (IPC), you'll get a 2.5 times deduction of the amount donated to your chargeable or assessable income. This tax deduction period of 2.5 times is extended in 2011 and will last until 31st December 2015. I was teaching a student about tax because it's covered in the syllabus. The syllabus is actually quite simplistic, so I took the liberty to incorporate real life elements into the picture so as to show her what is the tax situation here in Singapore. I mentioned about the use of donations to reduce chargeable income and it carries with it a 2 times deduction to chargeable income. Well, I was wrong...they changed that to 2.5 times already and apparently I wasn't updated about that information. While teaching her, I was wondering if it's worth it to make donations to ......
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By Bully The Bear
La papillion is french for butterfly. This blog chronicles my journey from an amateur in the stock market to where I am today. Have I turned into a beautiful butterfly? I don't know, but I think my metamorphosis is still on-going now :)
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