Updated on March 11, 2020
Registered charities can enjoy the automatic IT exemption. For the properties that are been used for the exclusively charitable purposes, the property tax might get exempted in partially or fully on application as well as review by Comptroller of the Property Tax. For complete information, you need to refer to Inland Revenue Authority Singapore website.
What’re Institutions of Public Character?
Institutions of the IPC charities Singapore are actually exempt and registered charities that can issue the tax deductible receipts to qualify the donations to donors. Thus, donors can claim the tax relief from the assessable income based over amount donated, in prevailing deduction rate. Since this makes the IPCs normally appealing to the donors in attracting the donations, the organizations are held to the higher standard, and in the terms of the regulatory compliance and governance.
What’re the Social Service Agencies?
The social service agencies actually are the non-profit organizations, which provide the services to benefit their community. The social service agencies typically are setup as the societies; companies are limited by the guarantee and trusts. For more information on how you can set up or register the social service agency and differences between three legal structures (Company Limited by the Guarantee, Society and Trust), refer to Law Society Services.
The charities are generally not-for-profit exclusively setup for the charitable purposes as well as carry out various activities to attain such purposes that can benefit the public in a long way and help you out.