Taipei, May 22 (CNA) The Cabinet on Thursday passed a bill amendment that if approved by the Legislature will increase the tax deduction rate for business donations to sports related events, in the hope of boosting the industry.
The amendments to the Sports Industry Development Act proposed and passed by the Executive Yuan would increase the maximum tax return rate for donations to the professional or amateur sports industries, and "major sports competitions" from 150 percent to 175 percent, according to a news release.
Tax deductions for donations to the amateur sports industry and major sports competitions would also be applicable for 10 years, extended from the previous five years.
The Ministry of Education (MOE) defines major sports competitions as international events, including multi-sport games such as the Olympics, Asian Games, and Universiade, as well as single-sport events that are part of the Olympics or specifically designated by the ministry.
The amendments would also add the category of "general sports events" as recipients of sponsorship, including sports competitions held by clubs, government agencies, businesses or communities, in order to promote society-wide exercise.
Approved "general" sports events would also be applicable for tax benefits, the release added.
Legal foundations of investment law will be included in the act to enable investments in the sports industry, as well as introduce National Development funds and funding from the private sector, the release said.
The amendments will be sent to the Legislature for review before being put to a full vote.
These amendments and measures are in line with the expected inauguration of Taiwan's Ministry of Sports on Sept. 9 -- National Sports Day -- Premier Cho Jun-tai (卓榮泰) was quoted as saying in the statement.
He urged the Ministry of Education and the Legislature to communicate with Taiwanese society and pass the law amendments as soon as possible, according to the statement.
