TODAYonline-Charities here freed from that 80:20 leash

TODAYonline: "Charities here freed from that 80:20 leash
SINGAPORE will make 'important changes' to grow local and global philanthropic interests here, in its push to become a regional charity hub.
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Registered charities will get to enjoy income tax exemption without having to spend at least 80 per cent of their annual receipts in Singapore within two years.
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There will also be a relaxation of the 80:20 fund-raising rule, which requires any organisation seeking to raise funds for a foreign charitable cause to spend at least 80 per cent of the funds in Singapore.
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This is being done so as not to hinder the efforts of reputable charitable organisations and grant-makers with an international or regional orientation, said Second Finance Minister Tharman Shanmugaratnam.
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It will help 'develop Singapore as an attractive hub for global philanthropic organisations' whose presence here 'will go hand in hand with the growth of local philanthropy, injecting vibrancy and promoting collaborative ventures and sharing of best practices'.
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Tags: NPSingapore