What is the amount of approved donations that can be deducted against the statutory income for the year of assessment 2024?
What is the amount of approved donations that can be deducted against the statutory income for the year of assessment 2024?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
LGI Pte Ltd is a company incorporated in Singapore. During the year ended 31 December 2023, the company made the following donations:
– Cash to Singapore Red Cross Society re: China earthquake $3,000
– Cheque to Handicaps Welfare Association $1,000 for the purchase of wheelchairs
– Cash to Home Nursing Foundation $500
– Christmas gifts for the patients at Assisi Hospice $500
All the above are approved institutions of a public character.
What is the amount of approved donations that can be deducted against the statutory income for the year of assessment 2024?
A. $3,750
B. $4,500
C. $13,500
D. $15,000
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