Tax Deduction Scheme for Qualifying Grantmakers

Key Requirements

The scheme provides 250% deductions for qualifying cash donations intended for IPCs from 1 January 2016 through 31 December 2029. Receipt issuance starts only after successful IRAS registration. Applicants must meet the registered-charity or approved NPO criteria and give the undertaking. Keep a designated IPC fund, the required donor records for at least seven years and annual receipt/disbursement information in IRAS’s format. The fund requires annual external audit, with accounts submitted within one month of the audit report. Check the approved organisation’s registration date before assuming a donation qualifies merely because the organisation makes charitable grants.