Donations (Creativity Trust) Rules, 2013

L.N. 23 of 2013

INCOME TAX ACT

(CAP. 123)

Donations (Creativity Trust) Rules, 2013

IN exercise of the powers conferred by articles 14(2)(b) and 96

of the Income Tax Act, the Minister of Finance, the Economy and

Investment has made the following rules:-

The title of this order is the Donations (Creativity Trust) Citation.

Rules, 2013.

These rules shall apply to persons as defined in the Income Applicability.

Tax Act.

(1)

Where, in any year of assessment, a donation of not Deduction for

less than one hundred fifty euro (€150) up to a maximum of one donations.

hundred thousand euro (€100,000), is made in a monetary amount or

in the form of any other asset, or in kind, to the Creativity Trust,

established by the Creativity Trust Order, 2013, such a donation may L.N. 21 of 2013.

be claimed as a deduction against income for the year of assessment in

which it is made, provided that

(a)

a relevant signed certificate in respect of such a

donation has been issued to the donor by the trustees of the

Creativity Trust; and

(b)

the donation is made for the purpose of the

advancement of culture, arts, national heritage and the creative

industries, or of education therein, or of persons practitioners in

such fields, which purpose shall also be indicated in the said

certificate; and

(c)

the trustees of the Creativity Trust have submitted

the information as required by sub-rule (5).

(2) The certificate referred to in sub-rule (1) shall indicate

(a)

the date of the donation;

(b)

the name, identity card number (or income tax

registration number) or company registration number and

address or registered address of the donor;

(c)

the value of the donation;

(d)

the purpose for which the donation is being made.

(3) Where capital allowances have been allowed in respect of

an asset donated in accordance with sub-rule (1), the value of the

donation shall be considered to be the written down value of the

asset as on the date of donation.

(4) Where an asset donated in accordance with sub-rule (1)

is purchased by the donor for forwarding to the said donee or issued

out of the donor’s own stock, whether purchased or manufactured by

the said donor, the value of the donation shall be equivalent to its cost

to the donor.

(5) The trustees of the Creativity Trust shall submit to the

Commissioner a statement in such manner and format as the

Commissioner may require showing the details mentioned in sub-rule

(2), in respect of all donations, by the end of January of the year

following that in which the donations were made.

€0.18