When determining the profit of the company, is it possible to make a deduction on donations and grants made to the association?
On condition that the cost values of clothes that are donated to the association ensure the requirements in the General Comminique on Income Tax with serial number 251 and subparagraph (10) of the first article of article 40 of Personal Income Tax Law…by your company… it is possible to write them off as expenses when determining the net income.
On the other hand, … within the scope of statements in the section titled ‘’10.3.2.” Limited donations and aids with 5% of company profit’’ in General Communique on Corporate Income Tax serial number 1, it is possible to make a deduction on donations that do not meet the requirements or donations in kind that are not related to food, cleaning, clothing and fuel materials when determining your corporate tax base.
Source: İSMMMO
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