Businesses throughout Singapore are going to have the opportunity to take advantage of a 250% taxed deduction just by committing to sending their employees to do volunteer work.
Yes, you’re reading that correctly. The government of Singapore (through the new Business and IPC Partnership Scheme) is committed to making sure that businesses are able to reap significant rewards by encouraging their employees to volunteer at IPC partnership scheme volunteer opportunities.
Businesses large and small are going to be able to save 250% in the form of a tax deduction on wages and related expenses when they actually send out their employees to provide services through the Institution of Public Character.
Professionals are going to be able to provide services across a wide variety of areas, including legal services, human resources, accounting, and consulting programs. Those that lead more blue-collar style jobs are also going to have the opportunity to take advantage of this program, providing “hands-on” assistance through these volunteer organization that are in high demand as well.
Initiative to improve the amount of volunteers contributing to the growth of Singapore
Singapore has always (likely will always) have a serious eye to the future when they rollout programs like this.
Recognizing that they are volunteer numbers were dipping across the board, the overwhelming majority of individuals in the Singapore government banded together to come up with this scheme to encourage business operations, large organizations, and entrepreneurs throughout the nation to help reverse the tide.
The government hopes to establish a real culture of volunteerism throughout Singapore, and though they anticipate that this culture will take at least five years to really establish and some met, they are pouring all kinds of resources into the program to make sure that it gains tremendous momentum.
Businesses and volunteer organizations benefit – as do the volunteers themselves
Even though it may look like (on the outside, at least) that the businesses of Singapore and the volunteer organizations that receive volunteers are the main benefactors of this program, it would be a huge disservice not to mention the many benefits that the volunteers are going to enjoy along the way.
With these tax benefits coming to the businesses much of those rewards are going to trickle down to the employees themselves. On top of that, they are also going to get a tremendous amount of outside experience that they wouldn’t have received otherwise sitting in their office all the time and never getting the opportunity to see the impact of their career, their work, and they are ability’s firsthand.
A caring, cohesive, and community focused culture has always been important in Singapore. Businesses and employees (as well as those throughout the government) recognize that everyone has the opportunity to enjoy a much greater role in meeting the social needs of Singapore and really fostering the kind of close knit culture that is so important here.
The benefits of the program are many, and none should be surprised to learn that other nations adopt the same kinds of programs in their country to enjoy the same benefits as well!