The Federal Inland Revenue Service (FIRS) has certified corporate organisations’ donations to former Minister of Finance, Mrs. Kemi Adeosun’s charity, DashMe Foundation, as tax deductible.
The government’s revenue agency has consequently issued a tax-deductible donation certificate to the DashMe Foundation. The certificate was issued to the foundation last week in Abuja.
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DashMe, a Lagos-based charity with operations in Nigeria, the United States and the United Kingdom, was founded by former finance minister Adeosun in June 2021.
The FIRS issues tax-deductible donation certificates to carefully vetted registered charities whose operations meet Nigeria’s statutory ‘public character’ requirements. Section 25(c) of the Companies Income Tax Act (CITA) permits companies which make charitable donations to charities with tax-deductible donations certificates to a ‘donation relief’.
The donation relief provision is aimed at encouraging corporate bodies in Nigeria to channel their Corporate Social Responsibilities (CSR) donations to carefully-vetted non-governmental bodies, associations and institutions engaged in life-changing, socially-relevant projects.
In a statement on Sunday, DashMe Foundation said corporate organisations that donate to it would now enjoy donation relief under its new status, which is an allowance to deduct their donations from their taxable profits.
Reacting on the development, the former Finance minister noted that the issuance of the certificate by the country’s foremost tax body was a recognition of the charity’s strides in the past year and its commitment to changing the lives of vulnerable Nigerians.
“The certificate will significantly enhance our capacity to raise more funds from the corporate sector and also enhance our ability to initiate more life-changing projects for Nigeria’s most vulnerable children, women and other disempowered groups,” she added.
The interim Chief Executive Officer of the organisation, Tomisin Akinwunmi, said: “We are thrilled by this development. Our projects are making a huge difference in the lives of people and this certification will encourage us and our partners to do more.
“We are thankful to the FIRS for providing us with an opportunity to raise funds at a scale that would enhance our ability to reach more Nigerians.”
Akinwunmi said the foundation had raised over N200 million in the past year through its thrift shops, corporate donation drives and snack business.
It has also undertaken projects in Borno, Cross River, Imo, Kano, Lagos, Nasarawa, Niger, Ogun and Osun states.
She added that the foundation planned to extend its operations to all parts of the country by year-end 2023.
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