Tax Authority expands criteria for charitable donations

Prior to Knesset-approved amendment, donors could only receive tax deductions for contributions of over NIS 420 and under NIS 4.351m., or 30% of their taxable Israeli income.

By NADAV SHEMER
August 8, 2012 23:19
1 minute read.
Your Taxes

Your Taxes_311. (photo credit: Thinkstock/Imagebank)

 
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The Israel Tax Authority expanded its criteria for what constitutes a charitable donation Wednesday, lowering the minimum threshold to NIS 180 and raising the ceiling to NIS 9 million.

Prior to the Knesset-approved amendment, donors could only receive tax deductions for contributions of over NIS 420 and under NIS 4.351m., or 30 percent of their taxable Israeli income – whichever was the lower of the two.

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ITA Director Doron Arbeli said the amendment was part of the Treasury’s policy of strengthening the nonprofit sector and encouraging philanthropy.

Three weeks ago, he said, the authority launched a computerized system that will enable thousands of businesses to deliver 35% tax deductions on all donations directly to employees. This eliminates the need for employers to apply for specific approval from the Tax Authority or for employees to go directly to a tax bureau to collect a tax rebate, he explained.

“Amendment of the minimum threshold to NIS 180 will first and foremost enable charitable institutions to approach a broader range of workers,” Arbeli said. “We hope that this will assist in leveraging microdonations, in order to establish a new and stable source of funds for this important sector.”

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