{"id":1804,"date":"2019-12-13T10:30:40","date_gmt":"2019-12-13T10:30:40","guid":{"rendered":"http:\/\/159.65.127.138\/?p=1804"},"modified":"2019-12-13T15:18:31","modified_gmt":"2019-12-13T15:18:31","slug":"tax-relief-for-donations-if-favour-of-italian-art-and-culture","status":"publish","type":"post","link":"https:\/\/taxing.it\/it\/tax-relief-for-donations-if-favour-of-italian-art-and-culture\/","title":{"rendered":"Tax Relief for Donations in favour of Italian Art and Culture"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"1804\" class=\"elementor elementor-1804\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-9b103cc elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"9b103cc\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-aa871fd\" data-id=\"aa871fd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-318dcc0 elementor-widget elementor-widget-text-editor\" data-id=\"318dcc0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>This tax relief known as the \u201c<a href=\"https:\/\/www.youtube.com\/watch?time_continue=32&amp;v=GGI-rkh2gkk&amp;feature=emb_logo\">Art Bonus<\/a>\u201d is available to individuals, institutions and companies who support Italian cultural heritage by making financial donations.<\/p><p>The Art bonus consists of a tax credit equal to 65% of the donation subject to the following annual limits:-<\/p><ul><li>15% of taxable income, for individuals and non commercial entities;<\/li><li>0.005% (five per thousand) of gross revenues for businesses.<\/li><\/ul>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-3a98234 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3a98234\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-c41b159\" data-id=\"c41b159\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-75fb3ca elementor-widget elementor-widget-text-editor\" data-id=\"75fb3ca\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p>The tax credit due must be divided into three equal annual instalments and used to offset the taxes due over the three years or accounting periods following the year in which the donation is made.<\/p><p>For businesses the tax credit can be used as a set-off against other taxes by means of the standard F24 form, used for payments of taxes and social security contributions.\u00a0 Any excess at the end of the three year period can be carried forward to future periods.<\/p><p>For Individuals and non commercial entities the tax credit needs to be claimed via the annual tax return starting with the return for the year in which the donation was made. \u00a0Again the tax credit must be spread over three eyars in three equal instalments with any excess being offsetable without limit in future years in the presence of sufficient taxable income.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-top-column elementor-element elementor-element-e683c23\" data-id=\"e683c23\" data-element_type=\"column\" data-e-type=\"column\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-f0abf8a elementor-widget elementor-widget-text-editor\" data-id=\"f0abf8a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2>Art Bonus Example<\/h2><p>John is a pensioner resdient in Italy. His pension is Euro 19,000 per annum and he pays tax on that of Euro 3,300.\u00a0\u00a0<\/p><p>If he makes a donation of Euro 1,000, he will get a tax credit of Euro 650.<\/p><p>That will save him tax of\u00a0 Euro 216 each year for three years.<\/p><p>In practice, his donation to Italian art and culture of Euro 1,000 costs him, in cash terms, only Euro 350.<\/p><p>The maximum amount he can donate, and still get tax relief, is Euro 2,850.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-65965826 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"65965826\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-491c3955\" data-id=\"491c3955\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-28782d63 elementor-widget elementor-widget-text-editor\" data-id=\"28782d63\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<p><\/p>\n<p>In order to take advantage of the tax relief the donation must be made otherwise than in cash \u2013 ie. by bank transfer, post office payment , credit\/debit &nbsp;card, and cheque will do nicely.<\/p>\n<p>The tax relief is not available for donations made in favour of ecclesiastical bodies except for donations in favour of buildings of cultural interest used for worship and located in defined municipalities affected by earthquake.<\/p>\n<p>More information is available on the Italian government website, which contains a useful searchable list of entities that can receive donations under this scheme.<\/p>\n<p><a href=\"https:\/\/artbonus.gov.it\/english-brief.html\">https:\/\/artbonus.gov.it\/english-brief.html<\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>This tax relief known as the \u201cArt Bonus\u201d is available to individuals, institutions and companies who support Italian cultural heritage by making financial donations. The Art bonus consists of a tax credit equal to 65% of the donation subject to the following annual limits:- 15% of taxable income, for individuals and non commercial entities; 0.005% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,7,54],"tags":[],"class_list":["post-1804","post","type-post","status-publish","format-standard","hentry","category-technical-update","category-technical-resource","category-blog"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tax Relief for Donations in favour of Italian Art and Culture | Taxing.It<\/title>\n<meta name=\"description\" content=\"This tax relief known as the \u201cArt Bonus\u201d is available to individuals, institutions and companies who support Italian cultural heritage by making financial\" 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