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Donate tax free to sport and culture |
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Tax deductable donations for sports and culture are now possible through Legal Notice 159 of 2008 which allows companies to claim a deduction against their taxable income with respect to the following types of donations:
- Donations towards participation in sports events
- Donations to cultural organisations
- Donations and scholarships to artistes
This is the result of the Government's intention in the 2008 budget speech to introduce tax measures aimed at increasing donations granted to certain types of organisations.
Donations towards participation in sports events
The conditions listed in the legal notice stipulate that maximum deduction for such type of donations is limited to EUR 60,000. Donations should be made in cash to athletes and sports organisations participating in national and international events which are approved by the Malta Sports Council.
Donations to cultural organisations
The rules contemplate a maximum deduction of EUR 50,000. Cultural organisations to which donations are granted should be approved by the Arts Fund.
Donations and scholarships to artistes
Cash donations or scholarships provided to artists not exceeding EUR 18,600 may be deducted against the taxable income derived by the donor.
For more information contact Franco Falzon
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Last Updated ( Tuesday, 02 September 2008 )
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