DONATIONS TO VOLUNTARY ORGANISATIONS [ S.L. 123.214 1 SUBSIDIARY LEGISLATION 123.214 DONATIONS TO VOLUNTARY ORGANISATIONS RULES 12th April, 2024 LEGAL NOTICE 86 of
- The title of these rules is the Donations to Voluntary Organisations Rules.
- Citation. In these rules, unless the context otherwise requires: Interpretation. "Act" means the Income Tax Act; Cap.
- "Commissioner" shall have the same meaning as assigned to in the Act; "company" shall have the same meaning as assigned to it in the Act; "competent authority" means the Commissioner for Voluntary Organisations appointed in accordance with article 5 of the Voluntary Organisations Act. Cap.
- These rules shall apply to cash donations made by companies on or after 1st January 2024 to voluntary organisations that are enrolled with the competent authority in accordance with the Voluntary Organisations Act and operating directly in the field of social, environmental or animal welfare. Applicability. Cap.
- A company that intends to claim a tax credit as provided in these rules shall furnish to the competent authority such information and documents as the competent authority may deem necessary in order to be satisfied that the said company has made a donation to which these rules apply, which information and documents shall be furnished in such manner and within such time as the competent authority may determine. Information which shall be furnished to the competent authority. 5.
(1)The competent authority shall send to the Commissioner by not later than the end of January of each year, or such later date as may be agreed between the competent authority and the Commissioner, a list of companies which would have proven to its satisfaction that in the year immediately preceding the year of assessment commencing on 1st January of that year, they made donations to which these rules apply. List of donations.
(2)The list shall indicate, in respect of each donation: (
- a)the name of the company that has made the donation and its income tax registration number; 2 [ S.L. 123.214 DONATIONS TO VOLUNTARY ORGANISATIONS (
- b)(
- c)was made. the amount and the date of the donation; and the name of the organisation to whom the donation
(3)Together with the said list, the competent authority shall send to the Commissioner a confirmation in writing that it is satisfied that the donations listed therein have been made and that those donations are donations to which these rules apply. Right to claim a tax credit. 6.
(1)When a company makes a donation to which these rules apply, and when that donation has been listed and confirmed as provided in rule 5, that company shall have the right to a tax credit for the year of assessment in question in respect of that donation.
(2)The tax credit which may be given to a company for any year of assessment in accordance with these rules shall be the lesser of the following two
(2)amounts: (
- a)thirty five percent (35%) of the total of the donations made by it in the year immediately preceding that year of assessment, to the extent that they have been listed and confirmed as aforesaid; or (
- b)five hundred euro (€500).
(3)No part of a tax credit which may be given to a company for any year of assessment in accordance with these rules, shall be refundable or given as credit against the tax on the income of that company for any other year of assessment or the tax on the income of any other person.