Sports Fund applications: new regulations published

The government has published new regulations for subsidy applications under the Sports Fund (FD) program in the official gazette. The updated regulations take effect from December 1 and set out details of the subsidy granting system, including the objectives, scope of applications, and obligations of those who are granted subsidies, while also standardizing the subsidy types. The rules also establish that projects with a total budget under MOP1 million will be handled by the Sports Fund Administrative Committee. Projects with a budget above this amount will be handled by a supervisory body. The report must describe the activities, income generated, and expenditures incurred. Original receipts and expenditure records must be maintained for a period of five years.