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Greece/ 5.1 General legislation  

5.1.5 Tax laws

For many years, there have been few legal and financial incentives to promote sponsorship in the fields of culture and the arts. An Amendment to the Tax Law which provided tax exemptions for cultural sponsorship (1990) was practically rescinded under austerity economic policies in 1997. In 2007, however, legislation was introduced to offer some tax incentives for arts sponsorship; a central bureau has been set up, firstly to certify that a given sponsorship initiative is indeed for a bona fide cultural cause, and, secondly, to produce a list of priority projects in arts and heritage for which sponsorship will be sought.

Inheritance tax on art collections can be paid in kind, a measure effectively equal to a public purchase of art programme. This measure helps to ease the burden of people who would have to face a heavy financial burden if they came to inherit an important collection.

The income derived by writers and artists from their creative work is VAT exempt. Regulatory changes under way (early 2012) due to the economic crisis may impact on this exemption.

Chapter published: 14-08-2015

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