Inland Revenue has released a draft, two-part operational statement for public consultation. Both parts are available on the Inland Revenue website. The deadline for feedback is 14 February 2020.
This statement sets out how Inland Revenue and charities services will monitor and advise charitable entities of the requirements for income tax exemption and donee status. The purpose of the operational statement is to assist organisations in the charities and not-for-profit sectors to understand their tax obligations and the tax exemptions available to them. It also addresses other relevant tax matters such as record-keeping and the implications of being de-registered from the charities register.
The new operational statement will be issued in 2 parts:
- part 1 will discuss charities
- part 2 will discuss donee organisations.
When signed, they will replace OS 06/02 Interaction of tax and charities rules issued in December 2006.
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