{"id":1361,"date":"2019-12-13T09:19:05","date_gmt":"2019-12-13T01:19:05","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=1361"},"modified":"2020-01-19T09:29:30","modified_gmt":"2020-01-19T01:29:30","slug":"business-and-ipc-partnership-scheme-bips","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2019\/12\/13\/business-and-ipc-partnership-scheme-bips\/","title":{"rendered":"Business and IPC Partnership Scheme (BIPS)"},"content":{"rendered":"\n<p>On or about 13 December 2019, the Inland Revenue Authority of Singapore (IRAS) has updated on its website regarding Business and IPC Partnership Scheme (BIPS), a scheme to encourage corporate volunteerism, under which businesses may claim <strong>250% tax deduction<\/strong> on qualifying expenditure incurred from 1 July 2016 to 31 December 2021 when they send their employees to volunteer and provide services, including secondments, to Institutions of a Public Character (IPCs).<\/p>\n\n\n\n<p>All businesses carrying out a trade or business in Singapore are eligible for BIPS when they send their employees (but exclude owners of businesses i.e. sole-proprietors, partners and shareholders who are also directors of the company) to volunteer and  provide services at IPCs.\u00a0 <\/p>\n\n\n\n<p>The qualifying Conditions for BIPS are: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>companies, sole proprietorships, partnerships (including limited  partnerships and limited liability partnerships) and registered business  trusts, and<\/li><li>bodies of persons that are deemed to be carrying on a business.<\/li><\/ul>\n\n\n\n<p>IRAS further clarifies on what qualifying expenditure includes:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Basic wages<\/li><li>Other related expenses incurred by the business that were necessary for the provision of services to IPC<\/li><\/ul>\n\n\n\n<p>All qualifying expenditure must meet the following requirements:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>not reimbursed by the IPCs at anytime; <\/li><li>incurred only because of the volunteer services;<\/li><li>not considered as personal, living, or family expenses; and<\/li><li>not capital expenditure<\/li><\/ol>\n\n\n\n<p>From 2 December 2019, the following enhancements have been made for the ease of claiming BIPS tax deduction: <\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>tax deduction on wage of part-time employees who volunteer with IPCs under BIPS, and<\/li><li>an option for businesses to claim tax deduction on wage expenditure  based on fixed hourly rates in lieu of actual salary: at $10 per hour for general volunteering and $20 per hour for skills-based volunteering.  Skills-based volunteering refers to services which necessitate a  qualifying employee to apply work-related expertise, as required by the IPC.                                                                                                <\/li><li>businesses can claim tax deduction on wage expenditure based on fixed  hourly rates instead of actual salary at $10 per hour for general  volunteering and $20 per hour for skills-based volunteering.<\/li><\/ul>\n\n\n\n<p>For more information, please visit the IRAS website.<\/p>\n\n\n\n<p>Source: IRAS website, 13 December 2019<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On or about 13 December 2019, the Inland Revenue Authority of Singapore (IRAS) has updated on its website regarding Business and IPC Partnership Scheme (BIPS), a scheme to encourage corporate volunteerism, under which businesses may claim 250% tax deduction on qualifying expenditure incurred from 1 July 2016 to 31 December 2021 when they send their [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,6],"tags":[],"class_list":["post-1361","post","type-post","status-publish","format-standard","hentry","category-incometax","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1361","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=1361"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1361\/revisions"}],"predecessor-version":[{"id":1362,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1361\/revisions\/1362"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=1361"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=1361"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=1361"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}