The approved donations were made through 40 different applications by 34 companies, who received a collective tax benefit of €24,222 through this scheme.
Of these, 27 donations were given to heritage entities, totalling €49,362 while 11 went to the performing arts (choirs, band clubs and education activities related to performing arts), totalling €68,650. Two donations went to beneficiaries of the Malta Film Fund, totalling €20,000 – this tax incentive was extended to beneficiaries of the film fund in order to solicit funding towards production and post-production costs not covered by the Film Fund.
The scheme, one of the deliverables of Arts Council Malta’s Create 2020 strategy, 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 a beneficiary, 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 scheme will be running again through 2017 under the same terms. An updated list of cultural organisations that can be assisted through this incentive and information about the deduction is available here.
Photo Credit: Selah, Erbgħa, Żfin Malta by Joe Smith