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BUDGET 2009 LIVE-BLOG: Charitable moves
Prime Minister David Thompson (FP)
Published on: 5/18/2009.
As promised in last year's budget, Prime Minister David Thompson has outlined his government's plans for encouraging philanthropy in Barbados.
He has identified the "time consuming" and "long bureaucratic process" as being a major reason why many charities do not seek to raise funds through covenants.
Hence the government is going to implement a number of recommendations made by the Inland Revenue Department to make the process easier.
These include:
- Abolishing the covenant rules and allowing official donation receipts in their place.
- Expanding the Income Tax Act to include other organisations which can accept covenants.
- Small organisations will not be required to file legal documents with the Corporate Affairs and Intellectual Property Office (CAIPO) in order to register as a benevolent organisation. A letter from the appropriate Ministry will be accepted.
- Cash donations and property will be allowed for tax purposes.
- Donations of more than $1 million will be carried forward for five years with restrictions on how much can be claimed each year.
He has identified the "time consuming" and "long bureaucratic process" as being a major reason why many charities do not seek to raise funds through covenants.
Hence the government is going to implement a number of recommendations made by the Inland Revenue Department to make the process easier.
These include:
- Abolishing the covenant rules and allowing official donation receipts in their place.
- Expanding the Income Tax Act to include other organisations which can accept covenants.
- Small organisations will not be required to file legal documents with the Corporate Affairs and Intellectual Property Office (CAIPO) in order to register as a benevolent organisation. A letter from the appropriate Ministry will be accepted.
- Cash donations and property will be allowed for tax purposes.
- Donations of more than $1 million will be carried forward for five years with restrictions on how much can be claimed each year.
4 comment found!
Independent Wp Themes : 3/15/2010
Good fill someone in on and this fill someone in on helped me alot in my college assignement. Gratefulness you on your information.
Roulette Double : 8/21/2009
Hey, ok, I get it, I guess - but does this really work?
Hi! : 8/18/2009
I cannot believe this will work!
RAIDS : 6/29/2009
When police are looking for criminals in Barbados they don't call them up and tell them we coming to search. An undocumented migrant is equivalent to a criminal. These persons have been given the opportunity to go in and make themselves right but they have refused. Other countries are sending them back but we must keep them. Guyana take care of your own. Prime Minister David Thompson I am backing you 100%, do what you need to do, that is why you were appointed to the position.
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