CYBERJAYA, March 26 — Tax deduction incentives will be given to those who donate cash or items that will be used to contain the spread of Covid-19 and to help the people affected by the outbreak, said Inland Revenue Board (IRB).
The IRB in a statement today said the incentives provided under the Income Tax Act 1967, were for the Ministry of Health’s Covid-19 Fund involving donations of cash and items.
The incentives are also for cash donations to the Covid-19 Fund under the National Disaster Management, Prime Minister’s Department and contributions to any organisation approved under subsection 44 (6) of the act, it said.
For donations in the form of equipment or items to contain the spread of Covid-19 outbreak, it said, donors would need to obtain a receipt with an official stamp from the recipient according to the format to be issued by the Ministry of Finance (MOF).
"Taxpayers are advised to keep the transaction record as well as receipt or document so that it can be used as reference when filing the Income Tax Return Form (BNCP) and for review by the IRB,” said the statement.
The IRB said that for cash donation transactions to the Covid-19 Fund by the MOH and National Disaster Management, the accepted documents were official government receipts (Kew.38); cash transfer slip via ATM; cheque deposit machine slip; deposit slip through bank counter; online payment slip; and transfer slip via Interbank Giro (IBG Transfer).
Also accepted are Real Time Electronic Transfer Funds and Securities System (RENTAS) receipt and telegraphic (TT) receipt with advice of credit.
For donations of equipment or items to the MOH’s Covid-19 Fund, the IRB said the accepted documents were original approval letter by the MOF; official receipt or letter of acceptance from the recipient body; and letter of acknowledgment of service value or project cost value from the relevant government agencies.
For cash donations to institutions or organisations approved under subsection 44 (6), the required documents are official receipts of institutions or organisations that have been recognised by the IRB.
The public is also urged to check the background of organisations before making any donation to avoid being scammed, it added. — Bernama
You May Also Like