While the government is taking the lead in ensuring that the fruits of success are shared with the less fortunate in society, we hope that Singaporeans who are better off will choose to give more back to society by way of time, expertise and donation.

In addition to current tax deductibility for donations to qualifying institutions, I have decided to make the donation of shares tax deductible also. This opens up another avenue for charitable donations, and is a recognition of the fact that a rising number of companies are using shares as a form of remuneration for their employees.

As a start, tax deductions will be granted to individuals who donate to Institutions of a Public Character (IPCs) shares which are listed on the SGX and unit trusts readily tradable in Singapore. The concession will apply to donations made from January 2001.