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  • Declare your donation and benefit from income tax

    DATE: 03/15/2024

    Published by: Norberto Odebrecht Foundation

    Did you know that those who practice philanthropy by donating to social projects are entitled to a tax benefit on their income tax – IR, and can receive a larger refund of the amount donated or pay less tax?

    This is the case for those who take part in Tribute to the Future, a Norberto Odebrecht Foundation campaign that raises funds to help bring quality education to young people in the rural areas of Bahia’s Southern Lowlands.

    Those who donate to Tribute to the Future not only support education, but can also benefit from it in their income tax returns.

    All the money raised by the initiative goes directly to the Municipal Funds for the Rights of Children and Adolescents – FMDCA in the places where each supported educational project is located. The transfer to the beneficiary schools – which are the Rural Family Houses – is made through the Municipal Council for the Rights of Children and Adolescents – CMDCA.

    Last year, Tribute to the Future surpassed the figures of the last campaigns and reached the historic mark of BRL 7.4 million raised. This amount is the result of the commitment of 1,712 individuals and companies, of which 1,459 are members of the Novonor Group, and BRL 5.3 million raised via companies.

    Criteria for obtaining tax benefits

    File your personal income tax return – IRPF – using the full form;

    Have made a donation to a Children’s and Adolescents’ Rights Fund – as is the case with the Tribute to the Future campaign, which supports projects approved by the Councils that manage these Funds;

    Have the receipt proving the donation at hand;

    Pay attention to the limit on the amount that can be deducted: up to 6% of the tax due.

    How to declare?

    The process of reporting the donation in your tax return is very simple. All you have to do is access the IRS income tax system and click on the ‘Donations made’ tab. Then select ‘New’. After selecting, choose code 40, for Municipal Funds for the Rights of Children and Adolescents, and enter the CPNJ of the supported Fund – available on the donation receipt sent by the Tribute to the Future team – and the amount of the donation. To finish, click on ‘Ok’.

    Click here for a detailed step-by-step guide!

    Stay tuned for the deadline: the period for filing your income tax return has already begun and runs until May 31st!

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