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SINGAPORE: Views of the public are being sought on the government's plans to promote philanthropy as announced by the Second Finance Minister Tharman Shanmugaratnam in this year's Budget speech.
The Finance and Community Development Ministries are inviting the public to give their views on two issues.
One of them is the proposed guidelines to distinguish between private donations and those raised from the public so as to facilitate the waiver of the 80:20 fund raising rule for private donations.
Under this rule, charities will no longer need to spend at least 80 percent of their annual income receipts within 2 years in order to receive income tax exemption.
The consultation paper on these changes can be viewed on the portal www.reach.gov.sg or on the Finance Ministry's website at www.mof.gov.sg.
The public can give their feedback from 18 July to 17 August. - CNA/ir
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