Re: Ren Ci....Ming Yi..... perform charity works....they are no NKF!

On Nov 14, 10:06 am, baldeagle <botakea...@xxxxxxxxxxxx> wrote:
On Nov 14, 9:19 am, JamesP <zhanz...@xxxxxxxxx> wrote:

On Nov 14, 7:39 am, baldeagle <botakea...@xxxxxxxxxxxx> wrote:

Which is what's happening here. Since they are bundling ALL their
incoming funds as "donations for charity purposes", they are getting
tax exemptions for all it, even those that end up being used as non-
interest loans.

Are interest free loan taxible ?

Let's look closer at Ren Ci cash receipt.

The have donations from individuals, donations from company,
donations from TV shows, donations from billionaire philanthropists.
These are NOT taxible under IPC exemption.

NOT all donations are used immediately...the balance is
tuned into reserved fund. The reserve are NOT taxible under
company law. Is it taxible under IPC rule.

Ren Ci made interest free loans to a sister organistion started
by Ming Yi. Now ... is the loan taxible?

Under company law, "interests" from loan is taxible...but
under what law is the loan itself is taxible. Please tell us.

Now....you implied that the loan is illegal under IPC rule.

Is there a law to ban interest free loan to a sister organisation ?

ALL their incoming funds as "donations for charity purposes",

A religious organisation is not like NKF. Part of the donations
are used as operating expenses for the temple, to buy temple
supplies, to feed monks and nuns, to be saved as reserved funds
to build or repair temples.. ....
These cannot be classified as "for charity purposes",,,are these
uses of the donation illegal ?

As for the loans made to the sister organisation, it will
be repaid in due course and the repaid money would be used
for charity purposes and also be used for operating expenses
for the temple ..
Is this illegal ?

Thats the problem you see. Read the news carefully. There are major
discrepancies in the loan figures. Let me cut and paste from the
article I already posted previously since you can't seem to absorb:

http://news.asiaone.com/News/The+Straits+Times/Story/A1Story20071109-...

*there appear to be discrepancies - of several hundred thousand
dollars in some cases - between what the charity recorded it lent, and
what the companies involved recorded as having borrowed.*

How can they repay everything properly, if they are not even tracking
the amounts properly! Thats one of the key issues they are being
investigated for. Like I said above.

In case you don't get it yet, this is they key point:

Let me just give a simple example. Ren Ci's records say they lent out
$500,000. The borrower says they only received $400,000. Since the
loans were never recovered yet, this $100,000 is never accounted for.
Where did the money go to?

.

Relevant Pages

  • Re: Ren Ci....Ming Yi..... perform charity works....they are no NKF!
    ... Are interest free loan taxible? ... The have donations from individuals, donations from company, ... Is there a law to ban interest free loan to a sister organisation? ... are used as operating expenses for the temple, ...
    (soc.culture.singapore)
  • Re: Ren Ci....Ming Yi..... perform charity works....they are no NKF!
    ... Are interest free loan taxible? ... The have donations from individuals, donations from company, ... Is there a law to ban interest free loan to a sister organisation? ... are used as operating expenses for the temple, ...
    (soc.culture.singapore)
  • Re: Ren Ci....Ming Yi..... perform charity works....they are no NKF!
    ... tax exemptions for all it, even those that end up being used as non- ... donations from TV shows, donations from billionaire philanthropists. ... under what law is the loan itself is taxible. ... are used as operating expenses for the temple, ...
    (soc.culture.singapore)
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    ... 'Dear Customer, we are delighted that you really appreciated the loan of our deluxe container on free loan for a month; we have decided that as good customer relations are so important, we are extending the free hire for a further month...' ... mike dot mcmillan at ntlworld dot com ...
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