In June 2008, the Internal Revenue Service granted us authority to provide our generous donors and members with fiscal receipts for tax deductions. Private individuals can deduct 66% of their payments, which may total up to 20% of their income tax. Since 01/01/2003, payments from businesses (subject to a regular taxation rate) that give money to nonprofit organizations are entitled to a 60% tax reduction (65 % for certain payments to nonprofit research organizations), up to a 0.5% of the annual turnover payment ceiling (net of taxes). Private companies can choose between this tax regime and the one offered to private individuals. This allows them to choose the most advantageous option, based upon the ceiling applicable at the time. Tax laws vary by country; donors need to verify requirements and allowable deductions. |
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