Mecenat Association Supports 50% of Cultural Entertainment Expenses for Small and Medium Enterprises, Up to 2 Million KRW

[Asia Economy Reporter Park Byung-hee] The Korea Mecenat Association announced on the 4th that it will start the 'Wise Cultural Hospitality' project to revitalize the cultural hospitality expense system for small and medium-sized enterprises (SMEs) and mid-sized companies.

Through the 'Wise Cultural Hospitality' project, the Korea Mecenat Association will support 50% of the cultural hospitality expenses of SMEs and mid-sized companies, up to a maximum of 2 million KRW. The 'Wise Cultural Hospitality' project is part of the 'Now, Let's Greet with Culture!' campaign, which is being conducted together with the Korea Arts Council to spread a new culture of corporate hospitality.

This year, the project, which was previously conducted only for SMEs, has been expanded to allow mid-sized companies to participate as well. In addition to supporting cultural and artistic performances and exhibition viewing, and inviting performing arts groups, support is also available for purchasing books in the cultural and artistic fields for hospitality, reflecting the trend of increasing non-face-to-face cultural and artistic activities. The 'Cultural Hospitality Expense System,' introduced in 2007, is a system that increases the deductible limit for hospitality expenses by up to 20% specifically for cultural hospitality expenses when the corporate hospitality expense limit is exceeded, thereby reducing corporate tax burdens.

By utilizing the cultural hospitality expense system, companies can not only leave a good impression on their business partners but also receive tax benefits such as corporate tax reduction. Furthermore, cultural hospitality indirectly supports the arts community through art consumption, which helps the cultural and artistic sectors struggling due to the COVID-19 pandemic.

SMEs and mid-sized companies wishing to participate can apply through the online application page on the Korea Mecenat Association website. The application form and project information can be found in the notices section on the website. Once a company submits an application, the Korea Mecenat Association will conduct an internal review and announce the selection results within a week.

This content was produced with the assistance of AI translation services.