MANILA, Philippines–The government is offering tax perks to private companies and institutions that will donate money to support seven projects under this year’s National Priority Plan, according to the National Economic and Development Authority (Neda).
On its website, Neda identified the priority programs, projects and activities under the 2015 plan as follows: the Department of Education’s adopt-a-school program; Department of Science and Technology-Food and Nutrition Research Institute’s malnutrition reduction program; and Housing and Urban Development Coordinating Council/Social Housing Finance Corp.’s community mortgage as well as high-density housing programs.
Also part of the 2015 National Priority Plan are four projects of the Department of Health, namely: child health development program; expanded program on immunization for infants in families covered by the national household targeting system for poverty reduction; health facilities program and its component activities; and responsible parenthood and family planning program.
“To help finance expenditures in these areas and thus free up public resources for other developmental activities, the government encourages private sector donations for these priority programs and projects,” Neda said.
The agency noted that under the National Internal Revenue Code of 1997, “any project/program/activity included in the National Priority Plan entitles its individual or corporate donors to full deduction of said donation from the donor’s taxable income for the year when the donations were made.”
These tax deductions can be claimed when filing the income tax returns for the succeeding year.
To facilitate the availment of this tax incentive, Neda also issues a certificate of inclusion to donors.
The annual National Priority Plan issued by Neda lists down the government’s priority initiatives in the sectors of culture, economic development, education, health, human settlements, science, sports and youth development.