Charitable status definition
Charitable status means that the group does not have to pay income tax on any profits it makes, nor does it have to pay Land Tax or Stamp Duty. Donations may be tax deductible, that is, the group may be able to deduct their donations from their income and so reduce the amount of tax they have to pay. Groups with charitable status are eligible for a Certificate of Exemption from Resident Withholding Tax.
Charitable status means status as a nonprofit corporation or nonprofit cooperative under applicable Law.
Examples of Charitable status in a sentence
Charitable status places restrictions on political campaigning work which may make the requirement that local action groups campaign on environmental issues difficult to meet.
Charitable status gives housing associations certain privileges (e.g., tax advantages) but limits the objectives and activities the association can carry out.
Charitable status will also provide recognition of our social impact values and allow us to apply for grant funding as appropriate.