CORPORATE SOCIAL RESPONSIBILITY: GIVING BACK TO SOCIETY
Companies around the world, and their stakeholders, are becoming increasingly aware of the need for and the benefits of socially responsible behaviour. The objective of social responsibility is to contribute to sustainable development.
Corporate social responsibility (CSR) means encouraging a positive impact on the environment, consumers, employees, communities and stakeholders through a company’s actions. CSR projects may vary and touch a wide array of topics including protection of the environment, supporting disadvantaged groups, encouraging child and youth development, education, sports, nurturing workforce development, improving health and safety, etc. Such projects increase visibility and improve the company image in the eye of the customer.
ISO 26000 provides guidance on how businesses and organisations can operate in a socially responsible way. It helps clarify what social responsibility is, helps businesses translate principles into effective actions and shares good practices relating to social responsibility.
Companies in the northern part of Cyprus may donate and support registered foundations, charities and NGOs, and active sports clubs registered with the sports federations which engage in activities including education, health, culture-art, sports and science. Donations, charity support and cost of presents or rewards given for successful representation of participants in international scientific, cultural, artistic events and or sport contests documented with a receipt may be deducted from annual income and profit but may not exceed 10% of total profit. In case of loss, the amount may not be transferred to the following year. Expenditure arising from sponsorship agreements may be deducted from annual income and profit. In case of loss, the amount may not be transferred to the following year.
- ISO 26000-Social Responsibility – http://www.iso.org/iso/home/standards/iso26000.htm
- 24-1982 Income Tax Law in the northern part of Cyprus – http://www.mahkemeler.net/cgi-bin/default.aspx