VAT exemptions for leisure investments continue
The finance ministry has submitted a proposal to extend the application deadline for VAT returns for public-benefit leisure activity and rental property.
Organisations, institutions and funds that make investments of more than DKK 500,000 are entitled to apply for VAT compensation for the total investment cost.
The condition is that the activity is not of a commercial nature but rather leisure activity that is of public benefit, and that at least a third of the total costs derive from unpaid volunteer work or charitable donations.
The proposal includes an extension of this condition, which expires at the end of this year.
Prior to the submission of this proposal, the opposition parties proposed a three-year extension to the law.
According to tax authority Taks, DKK 132 million have been refunded since the VAT compensation system came into force in 2010.
Translated by prosa.fo