As announced in the Annual Budget 2023, the Business and Institution of a Public Character (CVS) will be enhanced into a broader Corporate Volunteer Scheme (CVS) from 1 April 2023, to encourage corporate volunteerism. Under this scheme, businesses may claim 250% tax deduction on qualifying expenditure incurred from 1 Jul 2016 to 31 Dec 2026 when their employees volunteer and provide services for Institutions of a Public Character (IPCs).