South Africa: The Solidarity Fund
South Africa:The Solidarity Fund
The Fund provides a platform for both the public and private sectors to contribute towards the various initiatives supported by the Fund.
The Solidarity Fund (the Fund) was created on 23 March 2020 in order to assist the fight against COVID-19. The Fund provides a platform for both the public and private sectors to contribute towards the various initiatives supported by the Fund. Donations made to organisations established to carry out benefits for the public are generally exempt from donations tax.
A taxpayer is allowed to deduct up to 10% of their taxable income (base limit) in respect of any bona fide donation which was paid or transferred during the year of assessment to certain public benefit organisations (PBOs). 2 In order to encourage donations to the Fund, extended tax relief measures have been put into place in terms of section 18A of the Income Tax Act No 58 of 1962 (the Act) and paragraph 2(4)(f) of the Fourth Schedule to the Act.
© 2024 KPMG Services Proprietary Limited, a South African company with registration number 1999/012876/07 and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All
rights reserved.
This content may contain information specific to member firms of the KPMG global organization in the following countries: South Africa, Mozambique, Zambia, Namibia, Botswana, Zimbabwe, and Mauritius. For more detail about the structure of the KPMG global organization, please visit https://kpmg.com/governance.
KPMG is the brand under which the member firms of KPMG International Limited (KPMG International) operate and provide professional services. Each firm is a separate legal entity and together they form the KPMG global organization. “KPMG in Southern Africa” is used to refer to the individual member firms within the KPMG organization in Mozambique, Zambia, Namibia, Botswana, Zimbabwe, Mauritius, and South Africa. The member firms comprising KPMG in Southern Africa are not a global partnership, single firm, multinational corporation, joint venture, or in a principal or agent relationship or partnership with each other.
Unless otherwise indicated, references in this website to a 'member firm' or 'member firms' are references to member firms of KPMG International who are members in, or have other legal connections to, KPMG International, an English private company limited by guarantee.