Law on Sponsorships in culture, youth and sports has been approved

Following the proposal of the Law on Sponsorships by the Ministry of Culture, Youth and Sports, after approval by the Government and the first reading in the Assembly, the normative act in question, has been adopted on second reading today, by the Kosovo MPs.

This law aims to regulate the conditions and the financial support and also sets out the benefits for sponsors and donors which fund activities in the areas of culture, youth and sports.

This legal act, for the first time forms the legal basis for treatment, regulation and recognition of sponsorships and donations for creating better conditions for the above mentioned fields.

Law on sponsorships will regulate the relations, conditions and level of financing facilities for natural and legal persons who freely sponsor or become donors of these special areas of public interest.

Controlling the use of Sponsorships and Donations, under the law will be realized by the Tax Administration and other competent authorities, which in case of finding irregularities have the right of filing criminal charges or misdemeanor under the legislation in force.

MCYS estimates that by passing this law, conditions are much more affordable and financial incentives will be created for the development of culture, sports and youth and will impact on raising standards and quality in these areas. Also, this law paves the way to encourage the business sector to invest in the aforementioned areas and thus have incentives in taxes.

The law will enter into force fifteen days after its publication in the Official Gazette.