CONTRIBUTIONS TO NOT-FOR-PROFIT SECTORS

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CONTRIBUTIONS TO NOT-FOR-PROFIT SECTORS:

(Measures to encourage donations): 15.

Miss Penny Low asked the Minister for Finance what measures and tax incentives can be introduced to encourage contributions to the not-for-profit sectors, in view of the current economic conditions and the anticipated fall in such contributions.

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Miss Penny Low (Pasir Ris-Punggol): I declare my interest in the not-for-profit sector.

The Senior Minister of State for Finance (Mrs Lim Hwee Hua) (for the Minister for Finance): Mr Speaker, Sir, the Government recognises the difficulties that the non-profit sector may face in raising funds during this downturn, and has been looking into possible ways to help the sector. Should we enhance tax incentives for contributions to the sector, they will be contained in the Budget.

Miss Penny Low: Thank you, Senior Minister of State, for the very crisp answer. I am hoping that the scheme that will be announced during the Budget would be very generous. And I wonder if it would also repeat some of the schemes that were introduced during the last downturn including allowing not-for-profit sectors to occupy office spaces in return for expansion of the retail space on the part of the developers, and other kinds of tax incentives.

Mrs Lim Hwee Hua: Mr Speaker, Sir, I would just like to repeat my answer. Should we enhance the tax incentives, they will be contained in the Budget.