Increase to the deduction of fees for sporting & cultural activities

The Budget Measures Implementation Act 2023 has amended the Income Tax Act (CAP 123) increasing, as of Year of Assessment 2024, the amount allowable as a deduction against taxable income in relation to fees paid for qualifying sporting activities (Article 14E) and qualifying cultural activities (article 14G) attended by children up to the age of 16 years. The current allowable deduction of the lesser of the amount actually paid and eur 100 has been revised to the lesser of the amount actually paid and eur 300.