Smartum Liikunta- ja kulttuuriseteli vouchers as a tax-exempt benefit

According to income tax legislation, Liikunta- ja kulttuuriseteli vouchers constitute a tax-exempt employment benefit under certain conditions:

• The benefit is reasonable and common in amount. As of the beginning of 2009, voluntary leisure-time exercise and culture activities of the personnel can be sponsored by € 400 per employee per calendar year. The sum is the amount paid by the employer. In addition to this, an amount in excess of the vouchers' value (deductible) can be charged from the employee.
• The benefit is available to everyone working in the company.
• The benefit is personal, and the voucher user's identity can be verified at the cash desk of the exercise facility. The vouchers can be assigned to employees by two alternative methods: hand-writing the employee's name on the reverse side of the voucher before handing over the voucher or assigning the vouchers electronically through the Smartum web service.
• A voucher may be used in payment for cultural services or active exercise services only. It cannot be used to pay for things such as massage, tanning salons.

More information on taxation can be found at www.vero.fi .

The company can deduct the acquisition cost of the Liikunta- ja kulttuuriseteli vouchers as a normal business expenditure in its taxation.