The Executive Yuan yesterday approved draft amendments to the Sports Industry Development Act (運動產業發展條例) proposed by the Ministry of Education that would allow the National Development Fund to invest in the sports industry.
The amendments would also reward corporations sponsoring professional and non-professional sports events or key international events by allowing them to list up to 175 percent of the donated amount as tax deductible, up from 150 percent.
All the supplementary regulations and measures should be in place when the Ministry of Sports begins operations on Sept. 9, Executive Yuan spokesperson Michelle Lee (李慧芝) quoted Premier Cho Jung-tai (卓榮泰) as saying.
Photo: Fang Pin-chao, Taipei Times
“The purpose of the amendments to the act is to establish ways to invest in the sports industry, including introducing incentives for the private sector to fund the nation’s sports development. They stipulate that the National Development Fund should designate a fixed portion of the fund to invest in the sports industry to demonstrate the nation’s determination to support the sports industry,” Lee said.
With the funding from the National Development Fund and the private sector, the government would identify targets for investment and expand its interface with the sports industry, she said.
The amendments define the types of sports events that corporations can sponsor, including events among professional sports clubs, games organized by the government or state-run corporations and community sports events.
Businesses can list the donations they make to fund sport events as tax deductibles if the events are certified by the government.
The amendments simultaneously extend the duration for eligible donations, allowing enterprises to deduct their donations made to non-professional sports and key sports event organizers from their taxable income within 10 years, up from five years.
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