Singapore Budget 2015 – Other Changes

OTHER TAX CHANGES FOR BUSINESSES AND INDIVIDUALS

Enhanced Tax Deduction for Donations

Current

Donors are eligible for a 250% tax deduction for qualifying donations made to Institutions of a Public Character ("IPCs") and other qualifying recipients (such as approved museums, prescribed educational institutions) from 1 January 2009 to 31 December 2015.

Proposed

The tax deduction rate for qualifying donations made to IPCs and other qualifying recipients in 2015 will be increased from the current 250% to 300%.

The tax deduction will revert to 250% for qualifying donations made from 1 January 2016 to 31 December 2018 to IPCs and other qualifying recipients.

Tax Concession on Royalties and Other Payments from Approved Intellectual Property or Innovation under Section 10(16) of Income Tax Act