[UPDATED] Corporate TT presented with greater sports incentive

CORPORATE TT have been presented with a greater incentive to assist sporting events, as well as sportsmen and sportswomen.

Finance Minister Colm Imbert, in his presentation of the 2020 budget, at the Red House, Port of Spain on Monday, increased the tax allowance from $6 million, which he presented in his 2019 fiscal package, to $12 million.

“I propose to increase to $12 million the current tax allowance of $6 million for corporate sponsorship for nationals in the local fashion industry, audio visual or video production, for the purpose of local education or entertainment, and local production companies in respect of their own productions, as well as companies who sponsor sporting activities or events or sportsmen or art and culture,” said Imbert.

“This measure will take effect from January 1, 2021.”

Douglas Camacho, chairman of the Sports Company of TT (SPORTT), has described this increase as a step in the right direction.

He said, “We had asked for an increase, but the irony of that is the incentive has been around for a while. Except for the big corporations that we’re familiar with, that have supported sport like RBC, Guardian (Life), Scotiabank, Republic (Bank), Angostura, very few have made the existing limit.”

The veteran sporting administrator continued, “While that is a good incentive and good to have in place, hopefully if people feel they’ll want to re-engage with the community and will want to spend more on those sort of activities, then it will help (the corporate bodies) or encourage them to maybe give a little bit more.

“From my perspective as chairman of SPORTT, and it’s one of the things I’d asked for by the way, it’s an increase against hoping that, as we drive this whole ‘sports is a business’ initiative, that more corporate citizens will be encouraged to come on board at a higher level than they currently (do). That’s welcome news.” President of the TT Olympic Committee (TTOC), Brian Lewis, called the move “encouraging”.

Lewis said, “What it will require is that the National Sporting Organisations (NSOs), the athletes and the stakeholders who will want to access (the tax incentive) will have to make themselves more attractive to corporate TT by virtue of a more strategic approach for marketing and branding. I think it’s something that, with a strategic approach whereby sporting organisations and athletes can benefit.”

Excluding horse racing and the Caribbean Premier League (CPL), local sports have been on a standstill since March due to the covid19 pandemic.

According to the TTOC boss, “With a strategic approach and strategic thinking, even with the reflection of the tough economic times, there is still opportunity within adversity.

“I’m very confident that, with a strategic marketing and branding approach, sporting organisations and (sports personnel) could find opportunities.”

This story has been adjusted to include additional details. See original post below.

CORPORATE TT has been presented with a greater incentive to assist sporting events, as well as sportsmen and sportswomen.

Finance Minister Colm Imbert, in his presentation of the 2020 budget, at the Red House, Port of Spain on Monday, increased the tax allowance for sponsorship of sports and other sectors .

“I propose to increase to $12 million the current tax allowance of $6 million for corporate sponsorship for nationals in the local fashion industry, audiovisual or video production, for the purpose of local education or entertainment, and local production companies in respect of their own productions, as well as companies who sponsor sporting activities or events or sportsmen or art and culture,” said Imbert.

“This measure will take effect from January 1, 2021.”