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SINGAPORE: Community initiatives will get a boost in the arm - for every dollar you give to charity this year, you will get back S$2.50 in tax deductions.
To encourage giving during tough times, the government will increase the tax deduction for donations to Institutions of Public Character and other approved institutions to 250 per cent, from the current 200 per cent.
The charitable sector will also get more funding. Government-funded voluntary welfare organisations will receive an additional S$15 million in funding this year, bringing the total amount to S$220 million for 2009.
Funding to self-help groups will increase by S$4 million over the next two years, bringing the total amount of funding to self-help groups to S$9 million a year.
Needy Singaporeans can also tap into the ComCare Fund, which the government is increasing to S$7 million a year, for the next two years.
More resources will also be put into training social workers to beef up the sector.
To encourage the growth of social enterprises, the government will extend the tax exemptions for Companies Limited by Guarantee set up by social entrepreneurs.
- CNA/yt
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