Don Wee on Income Tax (Amendment) Bill
Give higher tax deductions for large donations to encourage individuals and businesses to do more good and donate to charity, said MP Don Wee. For example, for donations of S$5 million, the tax deduction can go up to 300 per cent, and for those at S$10 million, the deduction can be set at 400 per cent. Speaking in Parliament on Tuesday (Oct 5), he said this will encourage the wealthier members of the community to factor in donations as part of their estate planning. He expressed concern that the wealth gap here may widen substantially after the COVID-19 pandemic and hopes richer Singaporeans can contribute more to support good causes.Â
Give higher tax deductions for large donations to encourage individuals and businesses to do more good and donate to charity, said MP Don Wee. For example, for donations of S$5 million, the tax deduction can go up to 300 per cent, and for those at S$10 million, the deduction can be set at 400 per cent. Speaking in Parliament on Tuesday (Oct 5), he said this will encourage the wealthier members of the community to factor in donations as part of their estate planning. He expressed concern that the wealth gap here may widen substantially after the COVID-19 pandemic and hopes richer Singaporeans can contribute more to support good causes.Â
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