Neda dangles income tax deduction for priority projects’ donors | Inquirer Business
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Neda dangles income tax deduction for priority projects’ donors

By: - Reporter / @bendeveraINQ
/ 05:01 PM March 18, 2021

MANILA, Philippines—Income tax deductions await private individuals and companies who will donate money to four programs listed on the 2021 national priority plan (NPP) of the state planning agency National Economic and Development Authority (Neda).

The priority programs, projects and campaigns listed by Neda for 2021 included three being implemented by the Department of Science and Technology (DOST), one of which was the Food and Nutrition Research Institute’s (FNRI) malnutrition reduction program.

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Two projects of the DOST’s Science and Technology Information Institute (STII) were also part of this year’s NPP—the DOSTv: Science for The People program, as well as “STARBOOKS” or science and technology academic and research based openly operated kiosk.

The Department of Education’s (DepEd) adopt-a-school program also remained on the list of the 2021 NPP.

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All four projects were part of 2020’s NPP, although the number of qualified projects gradually dwindled from six in 2020 and eight in 2019.

Every year, the government appeal for donations from the private sector for the NPP so it can reallocate public resources to other developmental projects.

As mandated by the Tax Code, any program, project and campaign under the annual NPP came with full deduction of monetary donations from taxable incomes of individual or corporate donors for the year that the donations were made.

Donors can claim tax deductions when they file their income tax returns (ITRs) in the following year.

Neda issues a certification of inclusion in the NPP so donors can avail themselves of this tax perk.

The yearly NPP listed down the government’s priority initiatives in economic development, education, health, human settlements, science and culture and youth and sports development sectors.

TSB

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TAGS: Business, Donations, economy, NEDA, priority, Projects, tax-free
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