April 24, 2021
The Straits Times
Singapore has one of the highest GDP (in PPP) per capita worldwide. Despite this, Singaporeans tend to donate less than those in other wealthy nations . However, donating money to charity is a great way to spend some of the additional cash you made throughout the year.
This is because donating can not only help those around you, but it can also give you "money back" through government and credit card incentives. Below, we've listed three reasons why donating money can improve your finances.
1. You can get a tax rebate
One reason why donating money can be good for your wallet is because you can get a tax deduction of up to 250 per cent until Dec 31, 2023. For example, if you are an animal lover, you may wish to donate to the Animal Lovers League, which runs a no-kill shelter that homes over 5,000 dogs and cats.