All donations in favor of FISM are tax deductible according to the law.
The fiscal benefits provided for who makes charitable donations in favor of non profit organizations differ depending on who has made them (a natural person or company).
Taxpayers, both natural persons and company, who wish to make charitable donations to the non profit organizations, may alternatively choose between the two benefits
Benefits for the charitable donations of natural person
It’s possible to choose alternately between:
- Deductibility, for donations in cash or in kind, within the limit of 10% of the total declared income, and in any case up to a maximum of € 70,000 annually ( art. 14 paragraph 1 of Law No 35/2005 and subsequent amendments L. n. 80/2005).
- The 26% deduction from the IRPEF calculated on the maximum limit of € 30,000 for saving up to € 7,800 (Article 15, paragraph 1.1 TUIR).
In both cases, the condition required to access the relief is that the payment is made through a bank or post office or through bank and circular checks. For payments made by credit card, it is sufficient to hold and display, in the event of a request from the financial administration, the account statement of the company managing the card.
Benefits for the charitable donations of companies
This category includes companies of capital or cooperatives or consortia or entities of different types, public or private, which have exclusive or principal object of their activity tha exercise of commercial activities (ie one of the other passive subjects of the IRES).
These taxpayers may alternatively opt for:
- Deductibility, for donations in cash or in kind, within the limit of 10% of the total declared income, and in any case up to a maximum of € 70,000 annually (Article 14, paragraph 1 of Law No 35/2005 and subsequent amendments L. n. 80/2005).
- The deduction from IRES taxable income of 2% of the business income declared for a maximum amount of 30,000 euro (paragraph 2 letter h art. 100 Income Tax Code).