Tax break for businesses that fund sport

ZIMBABWE GOVERNMENT is working on tax incentives for all corporates that support sport and has also increased funding to the sports sector that has grown to be a billion-dollar industry worldwide.

More corporate funding is expected to be channelled to the sports sector after government committed to giving tax breaks and other incentives to corporates that support sport.

Over a long period, government has been accused of not incentivising corporates that fund sport, but the Minister of Finance and Economic Development, Professor Mthuli Ncube said it is now a thing of the past.

“We will be supporting corporates that fund sport by giving them takes breaks and other enticing incentives so as to develop our sport. So, I really encourage corporates to support sport,” said Min Mthuli.

He also added that apart from corporates, government will play a key role in funding sport.

“We also commit to fund sport more. I am aware that there is need to fund young talent and we as government are committing today to put more budget towards sport and sport goes beyond just being sport. It is also a diplomatic way of engaging with other countries and helps the country in terms of foreign currency earning. Look, for example, cricket – they bring in a lot of forex. So, as government we also need to appreciate that,” he said.

This year alone, government has given financial support to Zimbabwe Cricket for the hosting of the recently concluded World Cup Qualifiers, the Gems for their African campaign, Zimbabwe Football Association for the running of day to day activities, the National Athletics Association for athlete participation at the world championships as well as the Zimbabwe University Sports Association (ZUSA) when they went to the varsity games in Kenya, among other associations.

ZBC