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Taiwan: Sports sponsorship now tax deductible

Taiwan: Sports sponsorship now tax deductible

Sports Minister Tai Hsia-ling described yesterday a Ministry of Finance (MOF) decision to list business expenditures on sports sponsorship as tax deductible as "a great breakthrough."

According to the MOF's interpretation of the tax code, donations to athletes, purchases of tickets to sports events taking place in Taiwan, and sponsoring students' or disadvantaged groups' participation in sports activities can be deducted from taxable income.

Professional baseball and other sports leaders welcomed the decision, saying it will make it easier for sports teams to find sponsors.

Lee Wen-pin, secretary-general of the Chinese Professional Baseball League, said his league has been requesting it for quite a long time as it will encourage the business sector to put more money into local sports.

As for the definition of which athletes the tax deductible sponsorship will cover, Tai said her staff has helped finance officials to include a "wide range" of sports, so that the new measure will benefit many different kinds of athletes.

Updated : 2021-09-21 17:24 GMT+08:00