31 January 2013

South Africa: Motsepe Philanthropy - DA Calls On Treasury to Boost Incentives for Charitable Giving

The wheels have been set in motion for poor communities in Cape Town, to benefit from the wealth of mining billionnaire, Patrice Motsepe. Earlier this ... ( Resource: South Africa's Patrice Motsepe Donates 12 Million Rand to Cape Town )

press release

The DA warmly welcomes the move by billionaire Patrice Motsepe to significantly increase the amount he intends donating to good causes. Now National Treasury must make it easier for others to follow suit by boosting South Africa's tax incentives for charitable giving.

Yesterday Mr Motsepe announced that he is joining The Giving Pledge initiative established by United States businessmen Bill Gates and Warren Buffet. But he has done so in a tax environment that is significantly less generous in the tax treatment of charitable contributions than that in the US.

We believe that this needs to change. Public Benefit Organisations saddle a large and increasing burden of South Africa's social and developmental needs. Our tax laws need to reflect the reality of need across our country by increasing the tax deductibility of charitable giving and making it easier to set up charitable foundations.

Tim Harris, Shadow Minister of Finance

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