Taxing charities' business income would have 'devastating' impact on communities

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Taxing charities' business income would have 'devastating' impact on communities

//business-finance.news-articles.net/content/202 .. ould-have-devastating-impact-on-communities.html

Published in Business and Finance on Wednesday, January 15th 2025 at 14:00 GMT by Newsroom
^{🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source}

According to IRD, in order to successfully register with Charities Services a company's purpose must be fully charitable, defined as relieving poverty, advancing education or religion, or anything else that benefits the community. None of the charity's income can be used or made available to any of its members, trustees or associates.

The article from Newsroom discusses the potential impact of the Taxation (Annual Rates for 2023-24, Multinational Tax, and Remedial Matters) Bill on New Zealand charities. The proposed legislation would tax the business income of charities, which currently enjoy tax exemptions on such income if it is applied to charitable purposes. Critics argue that this change could have a "devastating impact" on communities, as many charities rely on business income to fund their operations. The article highlights concerns from various charity leaders who fear that taxing this income would reduce the funds available for community services, potentially leading to cuts in essential programs. They argue that the tax would not only affect the charities' financial stability but also the broader social fabric by diminishing the support provided to vulnerable populations. The piece also notes that the government's rationale for the tax is to ensure a level playing field with for-profit businesses, but critics counter that charities' primary aim is not profit but social good, making the comparison unfair.

Read the Full Newsroom Article at:
[ https://newsroom.co.nz/2025/01/16/taxing-charities-business-income-would-have-devastating-impact-on-communities/ ]