How to properly formalize charitable contributions to reduce your tax burden

«It is important to remember that correctly documented charitable contributions not only promote transparency in financial support, but can also help reduce the tax burden», notes Vladislav Gromyk, a associate at EQUITY, in an article for the Yuridychna Gazeta.

In his article, Vladislav explains:

• what is considered a charitable donation under the law;
• where to donate in order to receive a tax deduction;
• what documents must be kept;
• why transfers to volunteers' personal cards or to special accounts of the NBU/UNITED24 do not provide tax benefits;
• how the amount that the state can refund is calculated;
• what expenses can be combined for a larger tax deduction.

Correctly registering charitable contributions is a way to support the country while legally recovering part of the taxes paid. This fosters a culture of responsible philanthropy and strengthens the impact of our contributions.