Private individuals and estates can be eligible for tax deductions on donations of €850–500,000 made to a university. Government's mached-funding scheme may quadruble the effect of donations.
Private individuals and estates can make tax-decuctible donations from 1 January 2016
Private individuals and estates can be eligible for tax deductions on donations of €850–500,000 made to a university. The eligibility is valid from 1 January 2016, and the deductions can only apply to income tax. The deductibility of donations is provided for in section 98a of the Income Tax Act and pertains to cash donations made to promote science or art. The donation must be made to a publicly funded university or institution of higher education in the European Economic Area, or to a university fund in conjunction with such an institution. The University discloses information on donations received to the tax authorities at the end of each tax year. The University requires a deed of donation with the donor's personal identity code in order to receive donations. Read the instructions on the Finnish Tax Administration's website >>
Organisations have been eligble for deductible donations since 2008
Communities and organisations are eligible for tax deductions on cash donations of €850–250,000 made to a state within the European Economic Area or a publicly funded university or institution of higher education or a university foundation operating in conjunction with such an institution within the European Economic Area to promote science, art or the preservation of the Finnish cultural heritage. Eligible organisations include listed companies, associations and foundations. Read the Income Tax Act in Finnish >>
MATCHED-FUNDING SCHEME RUNS UNTIL 30 JUNE 2017
The Government will invest a specific sum for each euro that Finnish universities receive from private donors between 1 November 2014 and 30 June 2017. As a maximum, the Government will invest three euros per donated euro, and no more than 150 million euros overall to Finnish universities. The maximum matched investment of three euros will be paid if the universities together raise no more than 50 million euros.
Donations must be paid to the University of Helsinki fundraising account between 1 November 2014 and 30 June 2017, taking into consideration interbank payment transaction times and the processing of online payments, which may extend up to six workdays after the deadline.
o be eligible for the matched-funding scheme, a donation must be intended for the University’s operations in general, meaning that no restrictions may be set on its use. Donations of 10,000 euros or more may be allocated by deed to a specific field of education at the University. Depending on the size of the donation and the donor’s request, donations are channelled either into the 375 Future Fund, which provides general support for the University’s future and its strategic plan, or to a fund that supports the field of education requested by the donor. Read more >>