Nexia Pulse

Online Tax Savings Calculator

This article is authored by Grace Lui (Head of Marketing Communications, Nexia TS)

Recognising that businesses have an impact on society, this year, Nexia TS embarked on a new direction to pursue CSR on a broader scale which will bring greater philanthropic benefits to society in its implementation. Thus, the idea of an easily accessible online tax savings computation tool was conceptualised.

As a public service contribution, the Online Tax Savings Calculator (themed Jar of Hearts) aims to encourage the spirit of giving by providing a general estimation of tax savings that aims to encourage more givers to support causes that are close to their hearts. As such, the firm hopes that the new Online Tax Savings Calculator will be able to do its part to encourage more to do good, out of the pure goodness of our hearts - with tax savings as a bonus. Hence, the team behind this new CSR initiative believes this tool could be potentially useful to assist both individuals and corporations to achieve a clearer picture (in terms of tangible benefits) from a tax efficiency perspective, and in turn, it hopes to encourage everybody to give more.

The official launch also coincides with Giving Week 2016 (29 November to 5 December), a national movement that encourages everyone to give back, an annual event organised by the National Volunteer & Philanthropy Centre (NVPC) in Singapore.

The Dollars and Cents of Giving

The Online Tax Savings Calculator helps corporations and individuals to get a general estimation of their potential tax savings when they donate to approved registered Institutions of a Public Character (IPCs) in Singapore. To increase its relevance to both individuals and corporations, the online platform caters to both donor segments.

For instance, having a tool to compute potential tax savings from one’s donation will allow a potential donor to have a better picture of his/her tax savings when he/she decides to donate to an IPC of his/her choice. For companies, finance managers will be able to utilise the tax savings calculator to get an estimation of their company’s potential tax deductions.

Not a Substitute for Professional Advice

However, having said that, users will need to understand that calculations are provided for informational uses only (for example, estimations on potential tax savings on the desired amount of donation to the IPCs in Singapore). Figures are based on the current tax rates in Singapore, stated assumptions and the user’s inputs, and they are not intended to be used for actual financial forecasts or planning or any other purposes. For insights on the validity of the figures in users’ particular case, it is recommended to seek professional advice.

CSR with a Long-Term Goal

Having a long-term objective in mind, the independent CSR initiative was introduced to encourage people to give back to the community while making the act of giving a more meaningful activity. With that, the initiative sought to enhance NVPC’s efforts by linking donors and potential donors to a list of approved IPCs in a bid to drive donations to good causes.

To learn more, please visit www.jarofhearts.sg