The Federal Inland Revenue Service has certified corporate donations to the former finance minister, Ms. Kemi Adeosun’s charity, DashMe Foundation, as tax deductible.
The government revenue agency has therefore issued a tax-deductible donation certificate to the DashMe Foundation. The certificate was delivered to the Foundation last Thursday in Abuja.
DashMe, a Lagos-based charity operating in Nigeria, the US and the UK, was founded by former finance minister Kemi Adeosun in June 2021.
The FIRS issues tax-deductible donation certificates to carefully vetted registered charities whose operations meet Nigeria’s statutory “public character” requirements.
Section 25(c) of the Corporations Income Tax Act (CITA) allows businesses that make charitable donations to charities with tax-deductible donation certificates to qualify for a “donation relief”.
The donation relief provision aims to encourage corporate bodies in Nigeria to channel their corporate social responsibility (CSR) donations to carefully selected non-governmental bodies, associations and institutions committed to projects that change the life and which are socially relevant.
In a statement on Sunday, the DashMe Foundation said companies that donate to it will now receive donation relief under its new status, which is an allowance to deduct their donations from their taxable profits.
The former finance minister said she was delighted with the FIRS tax-deductible donation certificate to the DashMe Foundation.
Reacting to the development, Adeosun noted that the issuance of the certificate by the country’s top revenue body is a recognition of the charity’s progress over the past year and its commitment to changing the lives of vulnerable Nigerians.
Adeosun, who recalled that DashMe had recently obtained a similar certificate in the United States, added that the approval would boost the charity’s drive to obtain the same tax-exempt status in the United Kingdom.
She said, “I am delighted that the FIRS has recognized the DashMe Foundation as worthy of this rare status. We believe that more corporations will be enticed to donate to us now that they know their donations will be fully tax deductible.
“The certificate will greatly enhance our ability to raise more funds from the corporate sector and will also enhance our ability to launch more life-changing projects for children, women and other most vulnerable groups in Nigeria.”
The organisation’s acting chief executive, Tomisin Akinwunmi, also expressed his enthusiasm for the funding opportunities offered by the charity’s new status.
“We are delighted with this development. Our projects make a huge difference in people’s lives and this certification will encourage us and our partners to do more.
“We are grateful to FIRS for giving us the opportunity to fundraise on a scale that would enhance our ability to reach more Nigerians,” Akinwunmi said.
Akinwunmi said the Foundation has raised more than 200 million naira in the past year, through its thrift stores, corporate giving campaigns and snack activities.
It has also undertaken projects in Borno, Cross River, Imo, Kano, Lagos Nasarawa, Niger, Ogun and Osun states.
She added that the Foundation plans to expand its operations to all parts of the country by the end of 2023.
The Foundation’s current projects include orphanage construction projects in Imo and Ogun States, sponsorship of orphans in universities, provision of prostheses and start-up capital for amputees, as well as regular food donations to several orphanages and IDP camps.
DashMe, a charity based in Lagos and operating in Nigeria, the United States and the United Kingdom, was founded by Adeosun in June 2021.
Dash Me’s vision is to raise funds within Nigeria and its Diaspora community to change the lives of Nigeria’s most deprived people through projects aimed at improving the lot of orphaned children, women and groups disadvantaged.
ENDS
