Tax and Legal Benefits

Should you decide to support the Liszt Academy through the non-profit organisations operating for the benefit of this institution – Friends of the Liszt Academy Association, Genie Oblige0 Prominent Public Benefit Foundation, Liszt Academy Foundation – the following tax deductions are applicable.

 

Donations given by Companies are tax deductable from the pre-tax income.

For "prominent" public benefit organisations, such as the Genie Oblige Foundation, companies can deduct 150% of the amount of all donations up to 20% of pre-tax income. For other public benefit organisations, companies can deduct the whole amount of donations up to 20% of pre-tax income.  If the company gives to both types of PBOs, the combined aggregate limit is 25% of pre-tax income. Multiyear grant contracts (at least four consecutive years) are eligible for additional tax incentives.

 

Individuals whose annual income is below 3.4 million Hungarian Forints are entitled to a tax credit of 30% of their donations to PBOs. Individuals whose annual income exceeds HUF 3.9 million cannot claim any tax preferences. There is a cap to that tax credit of HUF 50,000 per year for donations to PBOs and HUF 100,000 for donations to prominent PBOs. Overall tax credits (including the one on donations given to PBOs) granted for individuals may not exceed HUF 100,000. 

 

  
Music was and is an essential part of daily life in Hungary: the folk music of the various regions, the gypsy music that was absorbed into the national bloodstream, the native and foreign art-music, and the café music that was a combination of all these elements and others as well. All this explains why a country whose population, even today, is barely over ten million has produced so many musicians and so much outstanding music. I am grateful for having been born and trained there. (Sir Georg Solti)