Singapore Profit

Donating to charity is great, but getting double tax deduction to reduce the amount of chargeable income tax is even better . You can even get tickets to a play for free when you donate! Giving to charity is a good way of giving back to society and helping the less fortunate. There are many causes you can support in Singapore. Some of my pet causes are abandoned animals- SPCA, sick children and the arts.

How to know whether your favourite charity is an approved Institution of a Public Character (IPC) is to check out the list. Do note that the status is subject to renewal. Last year, I had a bit of problem claiming income tax deduction from one charity for terminally ill children because it could not get its IPC status renewed in time. The status allows the public to know whether the charity is handling the funds appropriately.  

As someone who loves the arts, I’ve discovered a great way to watch plays for free and still get double deduction. Some of you may feel that theatre companies can’t be considered charities, but the sad fact is that it is very difficult for theatre companies to survive without funding. If the arts are not allowed to flourish, then Singaporeans are the ones who lose out ultimately. Cities that are attracting lots of tourists and immigrants are the ones that are culturally rich. For Singapore to survive, arts is an important aspect we cannot afford to neglect.

Hence, for a small amount of $150, you get to pay less income on your chargeable income (less $300 due to double tax deduction), and still get the following benefits. You can get 2 free tickets, and some of the tickets aren’t cheap. For someone who watches plays quite often, especially those by Wild Rice, I will get to save quite a lot of money.

• Complimentary Tickets
• The Best Available Seats
• Priority Booking
• 15% Discount on Ticket Purchases
• Invitations to Exclusive Events
• Special ‘Meet the Artist’ Sessions
• Acknowledgement in Programmes
• Double Tax Deduction
Incidentally, if you like to give back to your alma mater, there are also double tax deduction. For example, the Wee Kim Wee Legacy fund at NTU provides this tax benefit. The best part is for some scholarships, the government matches your donation with a dollar for every dollar you donate. This increases the amount that is donated!

I believe that when you help the needy and others, the returns come back to us even greater. Instead of just donating a miserable 10-cents and get a flag in return on a Saturday, donate even more. Besides, if you use your credit card to donate, you get to claim points as well. At the very least, even without all the monetary benefits, there is the satisfaction of our money making a small contribution to someone who needs it more than we do.
 

Sarah Tan – SingaporeProfit.com

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