November 28, 2021

Beyond Going Long

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Slovaks donated millions to non-profit organizations during the pandemic!

Slovaks donated millions to non-profit organizations during the pandemic!

To date, the Finance Department has processed nearly 850,000 income tax returns for 2020.

Taxpayers paid non-profit organizations, foundations or civic associations around 15 million euros more in tax than last year.

“Last year, 851,355 taxpayers donated a share of the tax paid, which transferred 53.39 million euros to the beneficiaries.” Marnina Rybanska, spokeswoman for the financial department.

So far, the record could not be broken before the 2019 pandemic, when the Finance Department processed 922,086 statements. Then the third sector received a total amount of financing higher than 73 million euros.

Do you know how much you can donate?

A citizen or independent business owner who has filed a tax return for personal income tax for the year 2020 has the right to declare in the tax return that The share of tax paid up to 2% is transferred to the organization you select. Most people know that, but did you know it could be more than that?

“He can also pay 3% if he volunteers for at least 40 hours in 2020,” Rybansk√° explains.

In such a case, he was also obligated to provide written confirmation attached to the tax return.

Please note that a natural person can donate 2% or 3% for only one recipient, while the share of tax paid is at least 3 euros.

Legal entities can provide further assistance

A legal entity that has filed a 2020 corporate income tax return on the tax return is entitled toDeclaration that the share of tax paid will be transferred to the recipient designated by him Up to 1% of taxes paid.

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If the requirement to donate 0.5% of the tax paid no later than the deadline for filing the 2020 tax return is met to designated taxpayers who are not established to work for the public benefit purposes specified in the Income Tax Law, the legal entity can through the tax return Transfer the share of tax paid up to 2%. Legal entities can pay 1% or 2%, etc. Multiple recipients The minimum amount in favor of one beneficiary is 8 euros.