Debated in Parliament on 10 Jan 2024.
Ms See Jinli Jean asked the Minister for Culture, Community and Youth for each year since 2017, (a) what is the: (i) number of companies and (ii) percentage of registered companies that participate in the Corporate Volunteer Scheme; (b) what proportion of these companies hit the annual qualifying deduction cap; and (c) what are the most common qualifying expenditures on which these companies submit tax deductions.
Ms See Jinli Jean asked the Minister for Culture, Community and Youth whether the Government will consider providing individuals who expend personal time to volunteer at Institutions of Public Character (IPC) the option of claiming a 2.5 times tax deduction on qualifying expenditures, like the provision extended to companies when their employees volunteer at IPCs under the Corporate Volunteer Scheme.
The Corporate Volunteer Scheme (CVS) was introduced in July 2016 and allows businesses to claim a 250% tax deduction when their employees volunteer or are seconded to Institutions of a Public Character (IPCs). To encourage more companies to contribute to society, the CVS was enhanced on 1 January 2024 so that volunteering activities for the IPC that take place outside the IPC's premises are also eligible for the CVS. The cap on qualifying expenditure per IPC was also raised from $50,000 to $100,000.
Since the start of the scheme, about 170 companies have made claims under the CVS, with salary expenses being the most common qualifying expenditure. To date, no company has exceeded the $250,000 qualifying expenditure cap.
The CVS is a scheme developed specifically to encourage corporates to mobilise their resources to make a meaningful impact on society. There are currently no plans to extend the CVS to individuals.
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