THE German Finance Ministry has recently announced that in order to promote German art and culture, various fiscal incentives would be provided by suitable provisions in country’s tax laws. To enlist a few of them:

1) The finance ministry has noted that, corporations, partnerships, and organizations or foundations, which actively promote cultural goals in accordance with their statutes or constitution, may be recognized as “charitable”, provided that they fulfill all other requirements, thus benefiting from the tax shelters available.

2) Citing exemption from corporation, trade and sales tax by way of example, the Ministry also pointed out that such bodies could also benefit from the reduced 7% value-added tax (VAT) rate for certain services under the provisions.

3) key tax breaks are also contained in the country’s inheritance and gift tax law as well as in the property law.

Through these tax incentives, the government aims to preserve the country’s cultural inheritance and to ensure the growth of German art and culture.