Korea Mecenat Association Supports Half of Corporate Entertainment Expenses

[Asia Economy Reporter Donghyun Choi] The Korea Mecenat Association announced on the 1st that it will launch the ‘Wise Cultural Hospitality’ project from this month to revitalize the cultural hospitality expense system.

Started in 2019, the ‘Wise Cultural Hospitality’ project supports 50% of corporate cultural hospitality expenses, up to a maximum of 2 million KRW, and is expected to contribute to spreading a new corporate hospitality culture. It includes support for attending cultural and artistic performances and exhibitions, inviting artistic groups for performances, as well as hospitality through purchasing books and music albums in the cultural and artistic fields, considering non-face-to-face hospitality. Initially targeting only small and medium-sized enterprises in its first year in 2019, the project expanded to mid-sized companies last year and has further broadened its scope this year to include companies that have obtained cultural and artistic sponsorship certification.

The cultural hospitality expense system was established to promote a sound and transparent corporate hospitality culture. The key point is that when the corporate hospitality expense limit is exceeded, up to 20% of the amount spent on cultural hospitality expenses is additionally recognized as a cost, thereby reducing corporate tax burdens. It leaves a good impression as a ‘company greeting through culture’ and indirectly supports the arts sector through cultural and artistic consumption, making it a commendable system that helps coexistence amid the COVID-19 crisis.

The Wise Cultural Hospitality project accepts applications on an ongoing basis from today until the budget is exhausted. 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 announcements section on the website.

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