Monday, November 09, 2015

Tips: Best way to reduce income tax this year

Tax Tips #1: What is the best way to reduce your income tax this year, be it for personal or company?


By Donating to Institute of Public Character (IPC) (check with the non-profit organisation you want to donate to regarding their IPC status)

From IRAS website:
1 January 2015 to 31 December 2015
In conjunction with SG50, the Government has decided to increase the tax deduction for qualifying donations from 250% to 300% of the amount of donation made in 2015. The 300% deduction for donations made from 1 January 2015 to 31 December 2015 (both dates inclusive) will be allowed to all existing qualifying donors (i.e. individuals, companies, trusts, bodies of persons, Hindu joint family).

Why did I say this is the BEST? Because it is a WIN-WIN. You help others, also help yourself. So it is JOY multiplied. Good ROI :-)

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