MT
DONATIONS TO VOLUNTARY ORGANISATIONS RULES
Table of Provisions (7)
Statutory Text (7 Articles)
DONATIONS TO VOLUNTARY ORGANISATIONS
SUBSIDIARY LEGISLATION 123.214
DONATIONS TO VOLUNTARY ORGANISATIONS
RULES
12th April, 2024
LEGAL NOTICE 86 of 2024.
The title of these rules is the Donations to Voluntary
Organisations Rules.
In these rules, unless the context otherwise requires
"Act" means the Income Tax Act;
"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.
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.
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.
(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.
(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;
DONATIONS TO VOLUNTARY ORGANISATIONS
(b)
the amount and the date of the donation; and
(c)
the name of the organisation to whom the donation
was made.
(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.
(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.