Donations to charitable organizations are not only an expression of caring, but can achieve legitimate tax mitigation, as referred to in the Income Tax Act. However, not all receipts are tax-deductible. If the donation is made as a quid pro quo rather than a straight donation, no deduction will be allowed and individual donation is limited to no more than 20% of the total amount of the gross consolidated income. As to corporate donation, no more than 10% of business income can be filed as deduction.
Ms. Jenny Lin, Senior Consultant of the Firm, highlights legal concerns regarding the tax deduction declaration and calculation in the December 2023 issue of the “Money 錢” magazine.
News Link：https://money.cmoney.tw/article/29506
Profile of Accountants and Consultants：Ms. Jenny H. Y. Lin