Monday, 5th December 2022
<To guardian.ng
Search
Breaking News:

FIRS certifies donations to ex-minister’s charity as tax deductible

By Collins Olayinka, Abuja
22 August 2022   |   2:37 am
The Federal Inland Revenue Service (FIRS) has certified corporate organisations’ donations to former Minister of Finance, Mrs. Kemi Adeosun’s charity, DashMe Foundation, as tax deductible.

Kemi Adeosun. PHOTO: NAN

The Federal Inland Revenue Service (FIRS) has certified corporate organisations’ donations to former Minister of Finance, Mrs. Kemi Adeosun’s charity, DashMe Foundation, as tax deductible.

Consequently, the agency has issued a tax-deductible donation certificate to the foundation in Abuja.

DashMe, a Lagos-based charity with operations in Nigeria, the United States and the United Kingdom, was founded by Adeosun in June 2021.

FIRS issues tax-deductible donation certificates to carefully vetted registered charities whose operations meet Nigeria’s statutory ‘public character’ requirements. Section 25(c) of the Companies Income Tax Act (CITA) permits companies, which make charitable donations to charities with tax-deductible donation certificates, to a ‘donation relief.’

The donation relief provision is geared at encouraging corporate bodies in the country to channel their Corporate Social Responsibility (CSR) donations to carefully vetted non-governmental bodies, associations and institutions engaged in life-changing and socially relevant projects.

In a statement, the foundation said corporate organisations that donate to it are henceforth to enjoy donation relief under its new status, which is an allowance to deduct their donations from their taxable profits.

Reacting to the development, Adeosun noted that the issuance of the certificate by the country’s foremost tax body is a recognition of the charity’s strides in the past year and its commitment to changing the lives of vulnerable Nigerians.

In this article