Business
MoBay businessman argues for inclusion of corporate charities in new tax incentives regimeBY HORACE HINES Observer staff reporter Wednesday, July 10, 2013MONTEGO BAY, St James — Montego Bay businessman Davon Crump says the country stands to reap significant economic gains if tax incentives are offered to philanthropic corporate entities, which also encourage their staff to volunteer, even as Government prepares to introduce the Charities Act.“Now, can you imagine how much more this country could benefit, if all those corporate entities that encourage their staff to volunteer, even while they donate significantly, are encouraged to do so through structured and meaningful tax incentives, how much this would serve as a springboard in meeting some of the country’s needs without too much pressure on the Government?” Crump asked rhetorically.“With this being said the pending passage of the Charities Act is a welcomed step by the Government in playing the lead role in spearheading a structured program for volunteerism and donation; with all the protective systems in place to guard against abuse by corporate entities with questionable motives”.An interim tax relief measures for charities will become effective on July 15, pending passage of the Charities Act later this year.Meanwhile, Crump who was speaking at the Rotaract Club of Montego Bay instalation and induction ceremony at the Wexford Court Hotel in Montego Bay, noted that volunteerism and charities have served to reduce government expenditure.“Work that is done by volunteers, and capital donated have saved this country billions of dollars that government would otherwise be required to spend, whether on costly, well-needed equipment for hospitals, or staffing for some key institutions,” Crump argued. “It therefore behooves us to put the proper structure in place to determine the true value of volunteering”.In the meantime, Crump argued that in some quarters it is believed that volunterism is on the decline, even in light of its positive impact on the economy.He said there was a need for a new push by the National Registry of Volunteers which was established in 2003 to facilitate contacts between potential volunteers and those institutions which can benefit from their efforts”.“In fact, the National Registry of Volunteers is in need of a rebirth, with the requisite promotional campaign of its services, including a functioning website and facebook page,” Crump argued.CRUMP… volunteerism and charities have served to reduce government expenditure
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Crump for philanthropy
