Leisure of youth in the sports, culture and education

Deputy of the Supreme Council Oleg Vasilaty proposed not to tax the income of funds received in the form of sponsorship by non-profit organizations that work in the sports, culture and education. According to the author of the initiative, this will help create conditions for the development of sports and the interest of young people in this area. Sources of funding can be sponsorship, prize payments, transfer of funds or transfer of property from sports federations and organizations that host sports events, competitions, cultural and educational activities.

Such income is subject to taxation as it cannot qualify as charitable assistance at the moment.

It turns out in practice that organizations working in the sphere of sports and culture have to find additional funds from their own socially useful activities in order to pay these funds in the form of income tax.

The implementation of the submitted law-in-draft will provide additional conditions for the development of organized leisure activities for young people in the sphere of sports, culture and education, improve the health, skills and competencies of the younger generation and reduce due to this the spread and development of negative social phenomena in the youth environment, according to the Parliamentarian. The Supreme Council supported the initiative and adopted the law-in-draft in the first reading.