Author Topic: Donations .... Can be deducted from income taxes, RIGHT? (Read 1392 times)

cheers · « **on:** September 24, 2010, 12:15:43 PM »

TBN Volunteers Club is a registered organization. It can raise funds anytime. Fund raising must be transparent. Receipts must be issued to benefactors because it is registered with BIR under the legacy of Engr. Maurito Lim. Since their registration they have not submitted any audited financial report to BIR. Benefactors should be aware that their donations can be deducted from their income taxes. Not all donors know about it and they should know it because this can encourage more benefactors or donors to give. To give without expecting for a return is a blessing. It is an act of charity. Government agencies will check charity organizations too whether they are having audited financial statements. So hope all donations gone in the right way... on the right time....for cheers to the indigents in need.....

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taga tigbao · « **Reply #1 on:** September 24, 2010, 01:07:49 PM »

Take Section 30 of the NIRC for this.

Donor's Tax Issue: In the Philippines, donee institutions has to register first with Philippine Council for NGO Certification (PCNC). This is pursuant to BIR Revenue Regulations No. 13 - 98. Registration with the PCNC exempts donations from donor's tax under the provision of Section 101(A)(3) of the NIRC.

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taga tigbao · « **Reply #2 on:** September 24, 2010, 01:10:29 PM »

Welcome dire sa TB Ms/Mr Cheers.

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cheers · « **Reply #3 on:** September 24, 2010, 01:14:53 PM »

Perhaps the BIR requires only the SEC registration. If the organization is registered with SEC and has its own By-Laws then it is permitted by BIR to have its TIN and issue receipts. These receipts when issued to donors or benefactors this can be deducted from their income taxes.

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cheers · « **Reply #4 on:** September 24, 2010, 01:19:03 PM »

am Ms for your information Ms/Mr taga tigbao

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taga tigbao · « **Reply #5 on:** September 24, 2010, 01:22:39 PM »

Perhaps the BIR requires only the SEC registration. If the organization is registered with SEC and has its own By-Laws then it is permitted by BIR to have its TIN and issue receipts. These receipts when issued to donors or benefactors this can be deducted from their income taxes.

When you qualify as such in the exemptions given under the NIRC. When you are the donee organization your operation has to be under enumeration A to K of Section 30 of NIRC. This is with the assumption that the organization has been duly registered with the BIR and the SEC.

But if you are the donor, you can only declare as donation expenses in your Quarterly and Annual Income Tax Return the donated amounts when the donee is qualified under enumerations A to K of NIRC. Plus, as a donor, you do not have to pay donor's tax for every donation you make when the donee is registered with PCNC.

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cheers · « **Reply #6 on:** September 24, 2010, 01:32:19 PM »

The issuance of receipts to the benefactors must still be the issue here. How could the organization declare that they are authentic in their financial statements if they don't issue official receipts to the benefactors and donors especially that DYRD is keeping the money for a longer period of time before it distributes it to the patients? I could see that in the Bohol Chronicle issue when Gerry Pabe was running for candidacy there were benefactors' which were not given during the TBN program since another man anchors the program. I heard that over the radio only two hundred for Mr. Blabla my relative for once a week long period.

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taga tigbao · « **Reply #7 on:** September 24, 2010, 02:57:00 PM »

The issuance of receipts to the benefactors must still be the issue here. How could the organization declare that they are authentic in their financial statements if they don't issue official receipts to the benefactors and donors especially that DYRD is keeping the money for a longer period of time before it distributes it to the patients? I could see that in the Bohol Chronicle issue when Gerry Pabe was running for candidacy there were benefactors' which were not given during the TBN program since another man anchors the program. I heard that over the radio only two hundred for Mr. Blabla my relative for once a week long period.

Any organization can issue receipt, but not all can be qualified as to the exemption.

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taga tigbao · « **Reply #8 on:** September 24, 2010, 02:58:26 PM »

The issuance of receipts to the benefactors must still be the issue here. How could the organization declare that they are authentic in their financial statements if they don't issue official receipts to the benefactors and donors especially that DYRD is keeping the money for a longer period of time before it distributes it to the patients? I could see that in the Bohol Chronicle issue when Gerry Pabe was running for candidacy there were benefactors' which were not given during the TBN program since another man anchors the program. I heard that over the radio only two hundred for Mr. Blabla my relative for once a week long period.

well, you got your point here. Non-issuance of receipt is a form of fraud.

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cheers · « **Reply #9 on:** September 24, 2010, 05:10:55 PM »

Since TBN Volunteers Club Inc. have receipts because they are issuing it when we gave our annual dues during the TBN Christmas party, why will they not issue receipts to Benefactors so that it will be accounted for? Is there something fishy about it?

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xiaqinghua1989 · « **Reply #10 on:** September 27, 2010, 09:03:19 AM »

where there is a will,there is a wayã€‚
ghd

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taga tigbao · « **Reply #11 on:** September 27, 2010, 10:15:50 AM »

Since TBN Volunteers Club Inc. have receipts because they are issuing it when we gave our annual dues during the TBN Christmas party, why will they not issue receipts to Benefactors so that it will be accounted for? Is there something fishy about it?

That could be better addressed by a special audit engagement.

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Author Topic: Donations .... Can be deducted from income taxes, RIGHT? (Read 1392 times)

cheers

Donations .... Can be deducted from income taxes, RIGHT?

taga tigbao

Re: Donations .... Can be deducted from income taxes, RIGHT?

taga tigbao

Re: Donations .... Can be deducted from income taxes, RIGHT?

cheers

Re: Donations .... Can be deducted from income taxes, RIGHT?

cheers

Re: Donations .... Can be deducted from income taxes, RIGHT?

taga tigbao

Re: Donations .... Can be deducted from income taxes, RIGHT?

cheers

Re: Donations .... Can be deducted from income taxes, RIGHT?

taga tigbao

Re: Donations .... Can be deducted from income taxes, RIGHT?

taga tigbao

Re: Donations .... Can be deducted from income taxes, RIGHT?

cheers

Re: Donations .... Can be deducted from income taxes, RIGHT?

xiaqinghua1989

Re: Donations .... Can be deducted from income taxes, RIGHT?

taga tigbao

Re: Donations .... Can be deducted from income taxes, RIGHT?