FINANCE

Bill is set to slash tax on donations

bill-is-set-to-slash-tax-on-donations

A new Interior Ministry bill on donations to charities will include significant tax breaks reaching up to 40%.

Alongside other incentives – such as exemptions from paying the Single Property Tax (ENFIA), road tax etc – in the draft law to be submitted for public consultation, the ministry will introduce significant reasons for individuals and enterprises to develop civic capital, or a culture of solidarity.

The government initiative will also facilitate the development and growth of corporate social responsibility and introduce the principles of transparency and publication, according to experts.

In addition, the bill will attempt to once and for all end the chaos regarding nongovernment organizations, which are often considered guilty of controversial practices, mismanagement and even wasting public money.

Furthermore, there will be a framework set regarding voluntary work, which currently amounts to undeclared labor according to the legislation in place. This is an initiative by Deputy Education Minister Angelos Syrigos, who has resumed the effort to highlight and strengthen volunteering in Greece. The bill will be put up for consultation by end-September.