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4.29 Third, to encourage more charitable giving among
individuals and corporations, I will equalise the tax
treatment of donations between those that involve naming
opportunities and those that do not. At present, donations
with naming opportunities get single tax deduction instead
of double tax deduction. So if you fund a school hall,
you will get double tax deduction. If later on, your
name is attached to it, after-tax deduction comes back.
I do not think we have to calculate so nicely and precisely.
From YA2006, we will grant double tax deduction for
all donations to Institutions of a Public Character
(IPCs) and other approved beneficiaries made on or after
1 January 2005, whether or not they involve naming opportunities.
We hope this will encourage more donors to come forward,
to give larger donations, and to cultivate lasting relationships
with the beneficiaries they have lent their names to.
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