Deduction for donations: amendments update fund name, application timing, order formality and approval cancellation processes. Amendments update the deduction provision by replacing the proposed National Sports Fund reference with the established National Sports Development Fund, revise application timing and content for approval by charitable institutions or funds, and prescribe that the tax authority must pass written orders accepting or rejecting applications, including cancellation of approvals after hearing, within specified form, manner and prescribed timelines calculated from receipt of the application or end of the quarter in which it was received.
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Deduction for donations: amendments update fund name, application timing, order formality and approval cancellation processes.
Amendments update the deduction provision by replacing the proposed National Sports Fund reference with the established National Sports Development Fund, revise application timing and content for approval by charitable institutions or funds, and prescribe that the tax authority must pass written orders accepting or rejecting applications, including cancellation of approvals after hearing, within specified form, manner and prescribed timelines calculated from receipt of the application or end of the quarter in which it was received.
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