Ex-minister’s Foundation Gets Tax Deductible Certificate, Raises N200m

Ex-minister’s Foundation Gets Tax Deductible Certificate, Raises N200m

Kemi Adeosun, the former minister of finance of Nigeria, launched the DashMe Foundation, which has declared that the Federal Inland Revenue Service has approved its donations as tax deductible.

The certificate was given to the Foundation last Thursday in Abuja, according to a statement from the Foundation.

According to the DashMe Foundation, business donors would now be eligible for donation exemption under Section 25(c) of the Companies Income Tax Act.

In order to encourage corporate bodies in Nigeria to direct their Corporate Social Responsibilities donations to approved non-governmental organizations, associations, and institutions, this provision permits the deduction of their gifts from their taxable profits.

Adeosun commented on the event and stated that the certification will boost the charity’s efforts to obtain the same tax-exempt status in the United Kingdom. He pointed out that the Foundation recently acquired a similar certificate in the United States.

“The certificate will significantly enhance our capacity to raise more funds from the corporate sector and also enhance our ability to initiate more life-changing projects for Nigeria’s most vulnerable children, women, and other disempowered groups.”

Tomisin Akinwunmi, the organization’s interim chief executive officer, revealed that the Foundation had raised more than N200 million in the previous year through its thrift stores, corporate donation drives, and snacks business. She expressed excitement at the funding opportunities that the charity’s new status offers.

Akinwunmi continued by mentioning further projects the Foundation had worked on in the states of Borno, Cross River, Imo, Kano, Lagos, Nasarawa, Niger, Ogun, and Osun.

By the end of 2023, the Foundation intended to expand its operations to every region of the nation, she continued.

The Foundation’s projects include building orphanages in the states of Imo and Ogun, sponsoring orphans in higher education, providing prosthetic limbs and start-up money for amputees, and regularly donating food to several orphanages and camps for internally displaced people.

According to earlier reports, the Foundation was given a non-profit with tax-exempt status by the US government.

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