On 19/05/2013,
you requested for the version in force on 19/05/2013
incorporating all amendments published on or before 19/05/2013.
The closest version currently available is that of 16/12/2008.
31. Section 37 of the principal Act is amended —
(a)
by deleting paragraph (c) of subsection (3) and substituting the following paragraph:
“(c)
an amount equivalent to twice the amount of any donation of money made by him in the year preceding the year of assessment to —
(i)
the Government; or
(ii)
any institution of a public character, whether made directly to the institution or indirectly through any grant-making philanthropic organisation registered by the Comptroller for the purpose of this sub-paragraph;”; and
(b)
by inserting, immediately after subsection (18), the following subsections:
“(18A) For the purposes of subsection (3)(c)(ii), the Minister may make regulations with respect to the following matters:
(a)
the registration of a grant-making philanthropic organisation;
(b)
the deregistration of an organisation referred to in paragraph (a);
(c)
the issue of tax deduction receipts and maintenance of records and accounts by a registered grant-making philanthropic organisation for donations received by it and the audit of such records and accounts;
(d)
the requirements to be complied with by a registered grant-making philanthropic organisation;
(e)
any other matter for giving full effect to or for carrying out the purposes of that provision.
(18B) Where a registered grant-making philanthropic organisation contravenes any regulation made under subsection (18A), being a regulation prescribed as one to which this subsection applies —
(a)
the organisation shall be liable to pay to the Comptroller a financial penalty of the higher of $100 and the amount ascertained by the formula
0.4 x | the total amount of the donation to which the contravention relates; and |
(b)
the Minister or such person as he may appoint may deregister the organisation.
(18C) Notwithstanding anything to the contrary in this Act or any other written law, a registered grant-making philanthropic organisation shall keep and retain in safe custody all records and accounts in respect of any donation maintained under regulations made under subsection (18A), for a period of 7 years or such period as may be prescribed by regulations from the year of assessment relating to the year in which the donation is received by the organisation.
(18D) In subsection (3)(c)(ii), “grant-making philanthropic organisation” means —
(a)
a charity registered or exempt from registration under the Charities Act (Cap. 37); or
(b)
a not-for-profit organisation approved under section 13U.”.