On Wednesday March 10th, the Budget and Finance Committee of the Latvian Parliament supported the final reading of the amendments to the Corporate Income Tax Law. The proposed changes provide tax benefits for museum donations, as reported by the Saeima press service.
Changes state that the benefits from the Income Tax Act will apply to state museums.
Currently, the benefit listed in the Corporate Income Tax Act applies to donors to whom donations are made
non-profit organizations or state-owned companies such as theaters and orchestras.
Legislative changes are related to changes to the Museums Act and changes to the Cultural Institutions Act currently being developed by the Saeima Education, Culture and Science Committee. Changes in the law are intended to improve the management of state museums and clarify the regulations of the industry.
Changes to the law must now be checked by the Saeima in the final reading.