Section 65C: Expenditure incurred to support artists
This section is inserted by Finance (Miscellaneous Provisions) Act, section 41.
consolidated text (as at 2017, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
65C. Expenditure incurred to support artists
(1) Notwithstanding section 57 but subject to this section,
where, in an income year, a company incurs expenditure to support
the work of a professional in the Arts, it may deduct, from its gross
income of that income year, twice the amount of such expenditure.
(2) In this section –
“expenditure” means any expenditure which would be
allowable to a professional in the Arts in accordance
with sections 18 and 26;
“professional in the Arts” has the same meaning as in
the Status of the Artist Act 2023.
(vi) by inserting, after section 66, the following new section –
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Questions this section answers
- Can a company deduct double the amount it spends supporting an artist's work from its taxable income?