IEC: Political Party Funding Act will increase transparency ahead of this year’s elections

The IEC briefed the media on Friday, to give an update of the implementation of Act, which will come into effect on April1. 

IEC commissioner Janet Love says political parties will be required to declare all donations above the value of R100 000 per year that have taken place between April and June.

The declaration must be made by no later than the end of July. 

“The Act requires that all political parties and their donors declare donations including donations in kind that are above the value of R100 000 per year to the electoral commission. 

“This must be done on a quarterly basis which we must then publish online and table a record of all annual donations inParliament.”

All donations made to political parties will however be exempt from tax.

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Head of political funding at the IEC George Mahlangu says this will include those who are donating to political parties. 

“Political parties donations are exempt from tax, which applies to the donor and it was clarified to SARS. If the recipient is exempt from tax that also applies to donors.

“Those who are going to donate to political parties are going to be exempted as a result of the fact that political parties are entities that are exempted from tax.’’

It's all systems go for this year's local government elections, despite the impact of the Covid-19 pandemic on the work of the IEC, but no official date has been set. 

The IEC has confirmed that elections will take place between August and November.