Are donations to CFBO tax deductible by the donors?

Yes and No. According to Section 25(3) of CITA, donation by a company to a CFBO is tax deductible provided the donation does not exceed 10 percent of the company’s total profit for the year, as calculated before the donation is made, and where it is not of a capital nature. However, individuals do not obtain tax deductions for their donations to CFBO

Category: Tax Compliance
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