Deduction for political contributions expanded to include electoral trusts, making contributions to such trusts eligible for tax deduction. The amendment substitutes the words 'to a political party' with 'to a political party or an electoral trust', thereby extending the existing deduction for contributions so that contributions to electoral trusts are eligible. Existing exclusions for local authorities and artificial juridical persons wholly or partly funded by the Government remain unchanged. The amendment is effective from the commencement of the specified fiscal year and applies to the corresponding assessment year and subsequent years.
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Provisions expressly mentioned in the judgment/order text.
Deduction for political contributions expanded to include electoral trusts, making contributions to such trusts eligible for tax deduction.
The amendment substitutes the words "to a political party" with "to a political party or an electoral trust", thereby extending the existing deduction for contributions so that contributions to electoral trusts are eligible. Existing exclusions for local authorities and artificial juridical persons wholly or partly funded by the Government remain unchanged. The amendment is effective from the commencement of the specified fiscal year and applies to the corresponding assessment year and subsequent years.
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