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Gaining through Giving

By enhancing your quality living through GQOG platform, at the same time, you are improving the quality living for the poverty and inequality. 5% - 10% extracted directly from each transaction will be donated to selected Charities, this action is done before evaluating the profit and loss. This is a totally different concept with corporate social responsibility practice. Definitely, you will gain even more than the quality living experience through the giving, through helping others.

 

How does it work?

If your donation meets HKD 100 or above, you will receive a donation receipt a month later after your purchase from your selected Charity. Of course, you can choose to donate as anonymous, but then you will not be able to apply for the tax deduction.

Extracted information From: https://www.gov.hk/en/residents/taxes/salaries/allowances/deductions/approveddonation.htm

 

Donations to tax-exempt charities or to Government for charitable purposes can be deducted from your net assessable income under salaries tax, assessable profits under profits tax and total income under personal assessment. Here you can learn more about these deductions.

 

Eligibility for Deduction

You can claim a deduction for a donation of money to any charity that is exempted from tax under section 88 of the Inland Revenue Ordinance or to the Government for charitable purposes. You can also claim a deduction for any approved charitable donation made but not claimed by your spouse.

Amount of Allowable Deduction

The aggregate deduction of approved charitable donations cannot be less than $100. The aggregate deduction shall not exceed 35% of your income after allowable expenses and depreciation allowances or assessable profits. If you have more than one source of income and you have elected for personal assessment, the unused portion of approved charitable donations under a tax type (such as profits tax) may be deductible under personal assessment.

Lodging a Claim for a Deduction

To lodge a claim, you should enter the total amount of approved charitable donations made during the relevant year of assessment in your Tax Return – Individuals (BIR60). Donations already claimed in your spouse’s tax return should not be included.

Supporting Documents

You need not attach any documentary evidence to your tax return. However, to substantiate your claim and for verification of the amount later, you must ask for donation receipts from the tax-exempt charity or the Government, and should retain the receipts for a period of 6 years after the expiration of the year of assessment in which the payments were made.  You are required to produce receipts if your case is selected for review.

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