Q4/2020 is the time of the year when companies should act promptly to plan their next CSR projects and benefit from tax credit.
Tax credit for sponsorship expenses is granted up to the lesser of: 0.75% of turnover or 20% of the corporate profit tax due.
In the particular case of microenterprises, the saving is up to 20% of income tax.
Amounts granted as sponsorships to NGOs registered appropriately in the National Registry will be deducted from tax on profit or tax on income. If sponsorship expenses exceed the limits mentioned above, the unused tax credit can be carried forward over the next 7 years (28 quarters).
Let’s act together!
Argus Audit SRL is proud to champion ART as partner of GAEP Gallery.
Founded by Andrei Breahnă and Raluca Șoaita, Gaep is a contemporary art gallery with a vibrant exhibitions programme featuring the work of established and emerging artists. Since 2014, the gallery has presented 30 exhibitions in its elegant space on 50 Plantelor Street, Bucharest, and has participated in more than 20 international art fairs, including the award-winning participations at ARCOmadrid 2019 (Opening Prize) and Artissima 2017 (Sardi per l’arte Back to the Future Special Mention).
We are glad to advise you on the concept More Art, Less Tax and accompany you in this enriching journey.
For further details, please contact our Managing Partner, Iulia Lascau, at [email protected].
Our team of professional is available for any clarifications or additional details required in your analysis. The above information represents just a summary of aspects we consider relevant in the recently published legislation. This is not exhaustive disclosure of information and it is not intended to be used as advice on any particular matter. We invite all readers to contact us for further clarification of any specific issue. Argus Audit team and its associates disclaim liability in any action taken by a third party in reliance exclusively on summarized information presented in our publications.