Virus Outbreak: Lawmakers call for tax breaks for firms that support sportsBy Huang Hsin-po / Staff reporterLawmakers have tendered proposals calling for income tax breaks to be offered to companies that make an endowment to sports bodies or competitions. The proposal would give sports authorities the right to create a dedicated account to receive endowments from firms in the private sector, which would be eligible for an income tax deduction. In Chao’s draft, profit-seeking enterprises can give endowments to government-designated professional or amateur sports bodies and have income tax deductions of no more than NT$25 million (US$829,738). In Chang and Huang’s draft, endowments are divided into those for “key sports categories” and “approved sports categories,” and companies giving endowments to the former are exempt from the NT$25 million tax deduction ceiling. Professional sports bodies may only receive endowments within 10 years of the amendment’s ratification, while key and amateur sports bodies would be restricted to within five years of the amendment’s ratification, they state.

Source: Taipei Times March 09, 2020 15:56 UTC