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Citizens may deduct art and culture expenses in the income tax
Posted On 26 Jan 2018
Ecuadornews:
The SRI will announce a document in the next few days explaining the scope of this benefit. The director of the Internal Revenue Service (SRI), Leonardo Orlando, confirmed on Thursday that the expenses of art and culture are included in the deduction of Income Tax (IR) that citizens make annually.
In this context, the performing arts, audiovisual, cinematographic, musical, literary, as well as the dissemination of the social memoir and heritage, for which coordination with the Ministry of Culture.
Orlando explained that, for example, when acquiring a plastic or literary work or when parents enroll their children in theater, dance or music schools, these expenses will be considered as part of the deductible for the IR.
Orlando pointed out that these deductibles will be possible thanks to the reforms of the Culture Law that established specific adjustments in the regulations of the internal tax regime for the deduction of personal expenses. The SRI will announce in the coming days a document in which it will explain the scope of this benefit. (I)
