M. KisengeGovernment announces tax rebates to corporations sponsoring sports in Kenya
.jpg)
Reading Time: 1min | Fri. 11.03.22. | 20:50
Corporates implored to ensure that large chunk of sponsorhip money benefits the athlete
Corporates and individuals willing to inject money in the sports sector through sponsorships will be exempted from remitting taxes on the amount they intend to splash on the same, the Ministry of Sports, Culture and Heritage has announced.
In a brief statement to the sponsors, the Cabinet Secretary in the ministry Amina Mohamed implored on companies seeking to support the development of sports through sponsorship to ensure that a large chunk of the finances will benefit the athlete.
Amina directed corporates and individuals willing to be exempted from payment of taxes on the sponsorship money to seek clearance from her office and at the same time, disclose the value of the sponsorship.
H.E President Uhuru Kenyatta pledged to support Njoroge Kibugu to the Soudal Open in Belgium slated for the 12th - 15th May, 2022 and support his transition to professional golf. pic.twitter.com/ZHRGTCaz4H
— Ministry Of Sports, Culture & Heritage (@moscakenya) March 6, 2022
"In view of the above, any person sponsoring sport activities must seek prior approval from the Cabinet Secretary responsible for sports on the amount he intends to spend to sponsor sports activities," read part of the statement.
The move by the government comes at a time when various sporting federations have been up in arms over the difficulties they have faced in nailing down a sponsor with issues milling round taxation being cited as the biggest hurdle.
.jpg)
