Maroc - NEWSDAY.CO.TT - A la Une - 14/Oct 16:22

TTSPCA welcomes animal shelter tax concession

TT Society for the Prevention of Cruelty to Animals (TTSPCA) chairman Sita Kuruvilla said the organisation welcomes the announcement of a tax concession for corporate and individual contributions to registered animal shelters. Finance Minister Davendranath Tancoo made the announcement while delivering the national budget at the Red House on October 13. He said the government recognises the critical role played by registered animal shelters in controlling stray populations, promoting spaying and neutering, and advancing public health and environmental sanitation. Tancoo proposed an amendment to the Corporation Tax Act, Chap. 75:02 to allow companies that make financial contributions to registered animal shelters approved by the Minister of Agriculture, Land and Fisheries to claim such contributions as a deduction in computing their chargeable profits. He said the deduction will be capped at the lower of 15 per cent of chargeable profits or $100,000 per year of income. He also proposed to amend the Income Tax Act, Chap. 75:01 to provide a stand-alone deduction for individuals who support registered animal shelters. "To qualify, the shelter must be registered under the Non-Profit Organisations Act, 2019 or the Companies Act, Chap. 81:01, and approved by the Minister of Agriculture and Fisheries. "The deduction will be capped at the lower of 20 per cent of the individual’s total income or $20,000 per year," Tancoo said. He said these amendments will take effect on January 1, 2026. Speaking to Newsday on October 13, Kuruvilla said she was encouraged and pleased by the new development. "There is a deed of covenant situation in place, but this might be more interesting to corporations or individuals if they get the deduction. "We’re really hoping people will take advantage of it, because we’re always needing support, and we end up having to do a lot of fundraising and so on to try to keep going. We’re hoping the public will take advantage of it. We may try to reach out to people and encourage them. "I don’t know how the paperwork will involve, but we will investigate all of that ourselves." According to the Inland Revenue Division, a tax deduction is allowable for an individual or company who makes payment(s) to a charitable body/institution/fund by means of a covenanted donation. This deduction is equal to 15 per cent of total income of companies and individuals. In September 2024, the TTSPCA faced permanent closure due to a lack of funds. The post TTSPCA welcomes animal shelter tax concession appeared first on Trinidad and Tobago Newsday.