Tax deductions on gift of money for approved institution
Kathy Calvin quote on donation : "Giving is not just about making a donation. It is about making a difference."
Let's update on the latest tax changes on 𝐝𝐨𝐧𝐚𝐭𝐢𝐨𝐧.
Effective from YA2020, changes in personal tax:
1. Increase in limitation for tax deduction for gift of money
Before - 7% of aggregate income
After - 10% of aggregate income
2. Wakaf or gift of money to approved religious authority or public university is allowable for deduction
(Wakaf refers to charitable donation under Islamic law for charitable purposes)
So now, Companies and individuals are entitled to a deduction limited at 10% of aggregate income for gift of money made to approved institution.
Gift of money allowable for tax deductions includes
1) Approved institution / government
2) Approved sports activity, sports body
3) Approved projects of national interest
4) Wakaf or donation to approved appropriate religious authority or public universities
Source:
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