Tax deduction on culture raises over €265,000 from businesses in 2017

A 150% tax deduction scheme saw businesses donating €265,550 to cultural organisations

A total of €265,550 was donated to cultural organisations throughout 2017 through the 150% tax deduction scheme.

The scheme, one of the deliverables of Arts Council Malta’s Strategy2020, now in its third year, lays down that companies giving donations to non-profit cultural organisations, public cultural organisations or to Arts Council Malta as an intermediary on behalf of cultural projects having a national interest, may claim the amount donated at 150% against the income for the year of assessment when the donation was made. The maximum tax deduction is capped at €50,000.

The approved donations were made through 26 different applications, who received a collective tax benefit of €46,471 through this scheme.

Of these, 17 donations totalling €173,800 went to the performing arts (choirs, band clubs and education activities related to performing arts) while 12 were given to heritage entities, totalling €72,250. One donation went to the film sector, totalling €11,000.

The scheme will be running again through 2018 under the same terms.

An updated list of cultural organisations that can be assisted through this incentive and information about the deduction is available on the Arts Council Malta website