Donate tax free to sport and culture |
| Written by Franco Falzon — Fri, 08 August 2008 |
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 eventsThe 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 organisationsThe 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 artistesCash 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, kindly contact:Neville Cutajar - Managing Partner: neville.cutajar@3a.com.mt
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| Last Updated on Thu, 30 December 2010 |
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