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Press Foundation of Singapore renamed Singapore Press Holdings Foundation

Singapore, 29 April 2005 Press Foundation of Singapore Limited ("PFS"), a registered charity and an Institution of Public Character ("IPC"), will be renamed Singapore Press Holdings Foundation Limited, from 1 May 2005.

The name change was approved by the Boards of Directors of PFS and Singapore Press Holdings Limited ("SPH"), and the Accounting and Corporate Regulatory Authority ("ACRA") recently.

It followed the government's decision in February to grant double tax deduction to all donations made to IPCs, regardless of whether they involve naming opportunities, from 1 January 2005. The measure is part of a package
of incentives to encourage more Singaporeans to volunteer, set up new charities or donate to charity, with the larger goal of boosting community involvement and philanthropy.

Until then, donors who exercised naming rights were not entitled to double tax relief on their donations.

Explaining the name change, Mrs Sng Ngoi May, General Manager of PFS, said: "PFS was established in early 2003 with the first donation of $20 million from Singapore Press Holdings. Since then, SPH has continued to be the single donor, with periodic donations to PFS in the last two years.

"With the government's move to give double tax deduction to donations made to all IPCs and approved beneficiaries, the PFS Board decided to rename the foundation to better reflect its origin and close association with Singapore Press Holdings.

"We welcome the equal tax exemption for donations to charities as we believe this move will help to promote community involvement."

Incorporated on 29 January 2003, the mission of the PFS is to build a lifelong community that embraces language enrichment, creativity, diversity, healthy living and sports.

The fledgling charity organisation has contributed over $1 million to various education, arts and culture, community and charitable causes since its inception.

Issued by Press Foundation of Singapore

For more information, please contact:

Irene Ngoo
DID: 6319 1216
FAX: 6319 8150
Email: ingoo@sph.com.sg


About the Press Foundation of Singapore
The Press Foundation of Singapore, a registered charity and an Institution of Public Character, was set up in January 2003 to help build a lifelong learning community that embraces language enrichment, creativity, diversity, healthy living and sports. The first contribution of $20 million to the Foundation came from media group Singapore Press Holdings Ltd.

 

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