asked the Minister for Finance the date on which the longstanding interpretation by the Revenue Commissioners concerning the Finance Act, 1967 relating to the offsetting for tax purposes of gifts to the arts was amended and the reasons for this amendment.
Written Answers. - Arts Tax Exemption.
12.
I assume that the Deputy is referring to section 547 of the Income Tax Act, 1967 which provides that gifts of money made to the Minister for Finance and accepted by him for use for any purposes for or towards the cost of which public moneys are provided can be deducted from income for tax purposes. There has been no change in the interpretation of this section.
I should refer to a recent offer, which appears to have given rise to some misunderstanding and comment in the press, of a gift of money to the Minister for Finance under the section on condition that the gift would be applied to one of the purposes for which the Arts Council were set up and specifically to particular theatres, unnamed. Before the Minister would be empowered to accept the gift under the section, it was necessary to establish that a grant or subsidy to particular theatres, as proposed by the prospective donor, would be accepted by the Arts Council as being a purpose for or towards the cost of which public moneys are provided. The representatives of the prospective donor were accordingly asked to have this matter clarified with the Arts Council.
I might add that the final decision whether or not a gift is accepted under the section rests with the Minister for Finance.