IHMS has the status of Cultural Institution for General Benefit (ANBI). Donations to ANBIs are deductible. As an individual, you may deduct 1.25 times the amount of the donation in your income tax return in the case of a Cultural ANBI. As an entrepreneur, you may deduct 1.5 times the amount in your tax return.
The Tax Authorities distinguish between regular donations and periodical donations.
- Ordinary donation. You decide, as it were, on this donation every year. Even if it is a direct debit. Ordinary donations are deductible if the total amount of your donations exceeds a certain income-related threshold amount. You may not deduct more than a certain maximum for these donations in total.
- Periodic donation. You commit yourself, for at least 5 years, to donate a certain amount every year. In the past, this required a notarial deed, but now it can be done with a written agreement that we will send you. Periodic gifts have no threshold and are always deductible.
In the case of an increase for a Cultural ANBI, however, there is a maximum of € 1,250.- for private individuals as a total for both categories.
- Legacies. As a Cultural ANBI, IHMS is also eligible for an exemption from the levying of the right of donation and the right of inheritance.
Note: the correct name of IHMS for the tax authorities is: Holland Music Session & Festival Foundation.
The RSIN/fiscal (identification) number is 006690968.