Wed 26 Jun 2013 12:09AM

Timebanking and IRD

RR Rebecca Ranum Public Seen by 21

IRD have recently stated that Timebank transactions are the same as bartering and should be treated as such, therefore IRD do not see any need to review the tax status of Timebanks. The purpose of this discussion is to collate and agree on information to be presented to IRD so they will put it on their agenda to reconsider the tax status of timebanks.


Rebecca Ranum Wed 26 Jun 2013 12:22AM

These are the points I think could be made to IRD

(1) A timebank is essentially a social service organisation. The main purpose of timebanking and timebank transactions is to build strong, resilient, responsive community networks. In the U.K., timebanks are regarded as organisations that enliven volunteering in a community.

(2) A timebank is a social service organisation different from any other, in that it is largely funded by the participants and is self-sustaining. There is a benefit to the community as a whole where a timebank exists as it is a ready-made support network where one can find services not usually available in the open market.

(3) Timebanks in the USA and in the UK have been granted tax exempt status for the above listed reasons.


Rebecca Ranum Wed 26 Jun 2013 12:23AM

Ummm, on further reading and catching up, have realised this discussion should be on co-activate so will restart the discussion there. http://www.coactivate.org/projects/tbanz/project-home