150% back in tax breaks for Companies sponsoring Motorsport!

[NarendZORCE]

http://www.guardian.co.tt/archives/2005-05-13/sports3.html

BY JUHEL BROWNE

Corporations that will now benefit from tax breaks if they spend up to $1 million to either promote or sponsor scrabble, pigeon racing, powerboat racing and card games like bridge as well as those who participate in them.

These sports are among some 32 sports that have been added to the existing list of 22 sports that corporate sponsors can gain tax breaks from.

Sports Minister Roger Boynes announced the new measure yesterday as he called on the nation�s business sector to make a greater financial commitment to sports in T&T.

�The government is of the view that the development of sport must be a shared experience between the state national sporting organisations and corporate T&T,� he said.

�This collaboration would generate greater financial support for national sporting organisations and athletes in their quest for success.�

Boynes made the announcement during yesterdays post-Cabinet press conference at Whitehall.

�Today the Cabinet took a decision to approve the amendment of the list of sporting activities under the Corporation Tax Act Chapter 17:02 section 10:1, subsection 3, to include additional sporting activities events to qualify under the fiscal tax incentives for corporations,� Boynes said.

�The government through the Ministry of Sports and Youth affairs after consultation with the national sporting organisations recognises that there is a need to make this amendment.�

In his 2003-2004 Budget statement, Prime Minister Patrick Manning announced a proposal for companies promoting or sponsoring sporting activities or events and sports persons benefit from tax breaks under the Corporation Tax Act.

The Act was first amended by the Finance Act No 2, 2002 to allow companies to qualify for a tax deduction of 150 per cent of their actual expenditure incurred for the promotion and sponsorship of sporting activities up to a maximum of $450,000.

Boynes said that figure was increased to $1 million under an amendment to the Financial Miscellaneous Provisions Act.

�This thereby opened the floodgates for corporations and companies to support sporting organisation clubs and the athletes as they need resources in order to develop their skills and their talents as they represent our nation here and abroad,� Boynes said.

He noted the government and the Sports Ministry recognise 55 national sporting organisations, all of which have requested their sports be included in the tax-incentive list.

Boynes said the T&T Powerboats Association was among those sporting bodies that argued for their sport the most.

He said while the Government has contributed money to sports such as the $1.1 million allocated to the T&T Football Federation for its World Cup initiative, this was not enough.

�We ask in return that corporate T&T utilise this opportunity because the government can�t do it alone,� he said.

The original list of sporting activities or events that qualified for tax incentives under Section 10:1 subsection 3 of the Corporation Tax Act:

Amateur boxing, athletics, badminton, baseball, basketball, cricket, cycling, football, golf, hockey, martial arts, model aeroplane flying, netball, polo, rugby, swimming, tennis weight lifting, wrestling and yachting

The Act�s revised list:

Amateur boxing, archery, badminton, basketball, billiards/snookers, chess, darts, football, game fishing, gymnastics, judo, karting, lifesaving, netball, pigeon racing, powerboat racing, rifle shooting, swimming, windball cricket, automobile sports, athletics, baseball, body building, bridge and other card games, cricket, drafts, checkers, equestrian, golf, hockey, karate, kick boxing, martial arts, weight lifting/power lifting, recreational diving, para-olympics, sailing, model aeroplane flying, triathlon, surfing, scrabble, table-tennis, tae kwon do, squash, volleyball, windsurfing, wrestling, yachting, polo, rugby, softball, target archery, special olympics, cycling, tennis and model car racing.

[MG Man]

I notice model car racing at the end of the list.................does this mean that as a member of the model car association, I can have some company sponsor me a brand new scalextric set so I can take my game up to the next level????????????????
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I know it's so, for I told me so

[BLUE_CP9A]