Contribution/Donation made to the COVID-19 Solidarity Fund…

To encourage public and enterprises to donate/contribute to the Fund, Government will allow them to deduct the amount donated/contributed from their taxable income. 2. An individual will therefore be able to claim the deduction in the income tax return of: (a) September/October 2020 for donation made up to 30 June 2020. (b) September/October 2021 for donation made from 30 June 2020 to 31 December 2020. 3. Any unrelieved deduction in the income year may be carried forward for a maximum period of two successive income years. 4. A company will be able to claim the deduction at time of submission of its income tax return.

Posted by on Apr 2 2020. Filed under Economie. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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