Documentation for deductibility of donations (Revenue Memorandum Circular No. 86-2014, December 5, 2014) Pursuant to Section 8 of Revenue Regulations 13-98, taxpayers claiming donations as deduction from gross income in computing the income tax, must present to the BIR the Certificate of Donation indicating the actual receipt and date of donation and the amount of cash, or acquisition cost if in property These information shall be provided in the Certificate of Donation (BIR Form 2322). The Form consists of two parts: 1. the donee certification on the receipt of the donation and indicating the date and amount of cash or description of the property donated, signed by an authorized representative. 2. the donor statement on the description, acquisition cost and net book value of the property donated as reflected in its financial statements, signed by an authorized representative. Copy of the sales document will also be required to support the acquisition cost. Please access BIR Form No. 2322 (Certificate of Donation).
Posted on: Sun, 14 Dec 2014 03:57:58 +0000
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