DONATION Draft Bill

The hereinafter Draft Bill (مشروع قانون) has been provided by ALDIC in order to be submitted to the concerned public authorities with a view to amend several articles of both the Inheritance Tax Law and the Income Tax Law in connection with the exemption of Donations (with a ceiling for basic NGOs and without a cap for Public Utility Associations) on the one hand, and the extension of deductibility in percentages and categories of beneficiaries on the other hand; as well as to extend the exemption to life Insurance policies subscribed in favor of Public Utility Associations from the taxes whether on the occurrence of the event (death) and/or during the life time of the Policyholders on return of investment in Life Insurance Contracts.

The main objective of the amendments is to encourage donations and to strengthen and extend sources and means of financing.

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