Taxman says lowering donation reporting threshold to RM1,000 in bid to curb abuse
Sabin said donors need not worry about the new RM1,000 reporting threshold as long as they did not break any laws. — Bernama pic
“Therefore, we decided to have stricter conditions for approval,” he was quoted saying by local daily, adding that this would protect the interests of the donors and prevent them from being taken advantage of by organisations. The new rules are also to ensure that donations are used for the correct purpose and in line with the conditions enabling tax-deductible donations, and would also increase donors’ confidence in the organisations and institutions, he said.was issued on May 15, 2019, replacing the previous set of guidelines dated April 2005.
Besides being established primarily as non-profit, these organisations and institutions are required under the guideline to ensure their services or benefits are to all Malaysians regardless of race or religion and are not limited to target groups based on race, religion, political affiliations, among other things.
The organisations and institutions are also required to issue official receipts for financial contributions from donors with complete information such as the donor’s name, identity card number, passport number and complete address. He reportedly said other countries such as Singapore, US and the UK were using similar measures, also assuring that the IRB is bound by law to ensure confidentiality of the information provided.
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