KTP & Company PLT

Recently, I made a donation to an approved donation centre (name withheld out of respect).

To my surprise, the receipt I received completely failed to comply with the Inland Revenue Board (IRB) guidelines under Section 44(6) of the Income Tax Act 1967.

The receipt lacked critical details such as a proper declaration of approval under Section 44(6), as well as the donor’s IC number and address—details that are mandatory for compliance.

This experience underscores the importance of strict adherence to compliance standards.

High-profile cases like the National Kidney Foundation (NKF) and The Budimas Charitable Foundation, where the IRB revoked their approved status due to non-compliance, serve as cautionary tales.

These examples highlight that even prominent institutions are not immune to the consequences of failing to meet regulatory requirements.

My call to all Approved Donation Centres

  1. Ensure accurate and complete receipts
  2. Practice timely and transparent reporting
  3. Implement regular training and monitoring

Donation centres must prioritize compliance with Section 44(6) guidelines to maintain their approved status and uphold the trust of donors.

Cases like NKF, Budimas, and personal experiences like mine emphasize the critical need for accuracy, transparency, and accountability in every aspect of operations.

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I’m Koh Teck Peng

Welcome to my blog, I’m the founder and principal of KTP & Company PLT. My journey in the accounting profession has been driven by a passion for numbers and a dedication to helping businesses succeed. With over 25 years of experience, I’ve had the privilege of working with a wide range of clients, from small startups to large corporations, providing them with the financial insight and strategic guidance they need to thrive.

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