n Without Prejudice - Giving money to fund the Arts? Read this first : tax
|Article Title||Giving money to fund the Arts? Read this first : tax|
|© Publisher:||JetBlue Publishers (Pty) Ltd|
|Publication Date||Mar 2009|
|Pages||8 - 10|
Many companies have a corporate social responsibility programme in place to assist the less fortunate members of society and also to finance the arts and cultural events. So, what tax consequences arise when a business makes a decision to finance the arts or cultural events? The Income Tax Act (58 of 1962, as amended) does not contain specific incentives to encourage businesses to invest in the arts. Reference must be made, therefore, to the general rules governing donations made to so-called Public Benefit Organisations, as defined in s30 of the Act.
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