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Companies supporting sports exempted from taxation

Companies supporting sports in the country have been exempted from pay tax on money spent in sporting activities.

Today, the government through the ministry of sports announced today that the proceeds from taxes. Through a statement, Cabinet Secretary for Sports Amina Mohamed asked individuals or companies seeking to sponsor sporting events to ensure athletes are the main beneficiaries of their allocations.

“In view of the above, any person sponsoring sport activities must seek prior approval from the Cabinet Secretary responsible for sports on the amount he intends to spend to sponsor sports activities,” said CS Amina in a statement where Principal Secretary Joe Okudo and all presidents of Sports federations have been copied.

“…This is therefore, to bring to your attention the above for your attention and action. This office shall henceforth consider and approve such budgets in line with the above steps. I encourage all sponsors and partners to ensure most of the allocations are athlete centered.”

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