Singapore Provides New Guidance on Philanthropy Tax Incentive Scheme for Family Offices and Overseas Humanitarian Assistance Tax Deduction Scheme

The Inland Revenue Authority of Singapore has published updated guidance on Donations & tax deductions, including new guidance on the Philanthropy Tax Incentive Scheme for Family Offices (PTIS) and the Overseas Humanitarian Assistance Tax Deduction Scheme. The latter is a pilot scheme recently introduced by the Income Tax (Amendment) Act 2024 for an initial period of four years from 1 January 2025 to 31 December 2028.

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Philanthropy Tax Incentive Scheme for Family Offices (PTIS) (N…