With effect from 1 January 2023, new tax incentives for the promotion of culture will be introduced in the Historical Territory of Bizkaia to replace the deduction in force until 2022.
Pending the possible new developments introduced in this respect in Áraba and Gipuzkoa, in relation to the new tax incentives for this concept introduced in Bizkaia, we would highlight the following:
- Unlike the previous regulation, no territoriality requirement is established, as it is possible to apply a deduction of 35% of the investment and expenses incurred even if they have not been made in Bizkaia, although the amount of the deduction is quantitatively rewarded for the fact that investments and expenses have been made in Bizkaia.
- A new deduction is introduced, very similar to the deduction for participation in R&D&I projects regulated in Article 64 bis of the Provincial Law on Corporation Tax, which aims to allow private investors to enter into the production of audiovisual works and live performances of the performing arts and music industry.
The Euskaltax tax team has prepared this document which sets out the main features of the new tax incentives for culture introduced in Bizkaia.
Link to the document: New tax incentives for the promotion of culture in Bizkaia effective as of 2023..
