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Fundraising- How is it taxed?  

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(@shll1)
New Member Community Member
Joined: 3 weeks ago
Posts: 2
17/06/2020 2:30 pm  

Ola.. Tudo bem??  Hope everyone is well and safe. I used the forum a lot and am so grateful before we moved here but now we have been here for 3 years. Life is good despite a lot of adversity..

Does anyone know how money you raise via say a Kickstarter or Indigogo campaign is taxed? I asked my local accountant and he had no idea and after months still has no answer for me.  

Muito obrigado.

richard


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(@goodmorningportugal)
Eminent Member Premium Member
Joined: 3 weeks ago
Posts: 26
17/06/2020 3:24 pm  

I don't know the answer, but it's a great question and perhaps a little unprecedented in Portuguese accountancy circles. Do you have a business incubator near you? They are in my experience a little more progressive (and helpful). 


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(@shepherdess)
Reputable Member VIP Member
Joined: 9 years ago
Posts: 270
21/06/2020 1:53 pm  
Posted by: @shll1

Ola.. Tudo bem??  Hope everyone is well and safe. I used the forum a lot and am so grateful before we moved here but now we have been here for 3 years. Life is good despite a lot of adversity..

Does anyone know how money you raise via say a Kickstarter or Indigogo campaign is taxed? I asked my local accountant and he had no idea and after months still has no answer for me.  

Muito obrigado.

richard

Ola!

Not sure if this helps, but I work for a crowdfunding platform and the advice we give our fundraisers is as follows:

Donations are considered gifts in most countries. Depending on where you are based and what local tax rules apply, in all cases you are likely to be required to declare it as income. However local rules will determine whether the value of those donations (gifts) are taxable or not (this could also depend on whether your local tax office views the donations as individual gifts per donation, or the combined total of all donations as a single gift).

Perhaps if you ask what the tax rules are in relation to gifts, they may be able to work with that.

I hope this helps!

 

 

 

 

This post was modified 2 weeks ago by shepherdess

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(@shll1)
New Member Community Member
Joined: 3 weeks ago
Posts: 2
22/06/2020 8:46 am  

My local accountant is trying to find out for me but I have no info yet.. I thought someone might know..


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