Are you aware of the provisions of Law 30 of 2019 that allow you to sponsor an NGO at no extra cost if you own a company?
You can redirect 20% of corporate income tax quarterly.
Under the law, taxpayers who provide sponsorship under Law 32/1994 on sponsorship, as subsequently amended, deduct the corresponding amounts from corporate income tax due, up to the minimum value represented by 20% of that tax.
The procedure is very simple. If you sponsor Agent Green or another association by 31 March, you can deduct the sponsorship amount up to 20% of income tax due for the quarter in which your company recorded the expense.
The deduction is made by completing declaration 107 and submitting it by 31 December, for corporate income tax payers.
Amounts not deducted from income tax can be carried forward for up to 28 consecutive quarters.
