LHDN raises donation reporting threshold to RM10,000

PETALING JAYA: The Inland Revenue Board (LHDN) has increased the donation reporting threshold from RM5,000 to RM10,000 effective last Thursday.

In a statement, LHDN said the new ruling was outlined in the recently released Guidelines For Approval of Director-General of Inland Revenue, under subsection 44(6) of the Income Tax Act 1967.

“The newly released guidelines, effective Sept 5, will replace the one released on May 15.

“It took into account the suggestion by the Finance Minister. Only those who donate RM10,000 and above should provide details to LHDN, ” said the statement.

It added that any organisations, eligible to apply for approval under subsection 44(6), need only to give details of donors whose donation was RM10,000 and above, as compared to the previous threshold of RM5,000 and above.

LHDN said those eligible to apply for approval under the subsection should always ensure that they abide by the stipulated guidelines.

To access the guidelines, visit LHDN’s website at www.hasil.gov.my or call the Hasil Care Line at 1800-88-5436.

In an earlier ruling on May 15, LHDN changed the threshold to RM1,000 from RM5,000.

Source: TheStar