When determining the profit of the company, is it possible to make a deduction on donations and grants made to the association?

 

On condition that the cost values of clothes that are donated to the association ensure the requirements in the General Comminique on Income Tax with serial number 251 and subparagraph (10) of the first article of article 40 of Personal Income Tax Law…by your company… it is possible to write them off as expenses when determining the net income.

 

On the other hand, … within the scope of statements in the section titled ‘’10.3.2.” Limited donations and aids with 5% of company profit’’ in General Communique on Corporate Income Tax serial number 1, it is possible to make a deduction on donations that do not meet the requirements or donations in kind that are not related to food, cleaning, clothing and fuel materials when determining your corporate tax base.

 

 

 


Source: İSMMMO
Legal Notice: The information in this article is intended for information purposes only. It is not intended for professional information purposes specific to a person or an institution. Every institution has different requirements because of its own circumstances even though they bear a resemblance to each other. Consequently, it is your interest to consult on an expert before taking a decision based on information stated in this article and putting into practice. Neither Karen Audit nor related person or institutions are not responsible for any damages or losses that might occur in consequence of the use of the information in this article by private or formal, real or legal person and institutions.