MANAGING TAX RISKS: Proposed tax reforms for 2017/18

What you need to know:

Under the income tax law, a charitable organisation must file a tax return even if it is not liable to pay income tax.

The is an organisation needs to be “an entity of a public character” which essentially means the entity was established and functions solely for a public purpose and operates in such a way that (i) its membership is open to the general public or an identifiable group of a community with common interest (ii) it is carried on for purposes other than deriving profit or gain (iii) its constitution, memorandum, articles of association or other documents governing its activities, include the conditions set out under section 64(8) of the Income Tax Act, Cap 332 (i.e. the conditions narrated in this article) (v) it does not allow any distribution or deemed distribution of profit generated out of its charitable business (vi) its profit is ploughed back and used for improving or expansion of the original charitable purpose or function for which it was established.

MANAGING TAX RISKS: Proposed tax reforms for 2017/18

What you need to know:

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