2685
Italy Revives Using Art to Pay Tax
Art And Culture

Italy Revives Using Art to Pay Tax

More Italians may pay their taxes using paintings and sculptures after moves by the government to revive a system of transferring cultural treasures to the state in lieu of tax payments.
The culture and tourism ministry said on Monday that Minister Dario Franceschini had named a panel to calculate the value of works offered to cover income and inheritance tax dues, Reuters reported.
As well as historical works of art, the government will accept donations of property that has archaeological value, contemporary artworks, antique books and villas.
In a statement, the ministry said setting up the panel was “a necessary step” to reboot a system that was set up in 1982 but has been little used.
Donating artworks to the state instead of paying inheritance tax is an established process in other European countries. In Britain, a similar scheme brought works worth 50 million pounds ($80 m) into national collections in 2012-13, according to Arts Council England.
Franceschini, who is pressing for more public and private funds to sustain the floating city of Venice and the fragile Uffizi gallery in Florence, said accepting works of art as tax payments would allow the state to achieve a “double objective”.
“On one hand, in a moment of crisis, it allows people to fulfill their tax obligations by selling works of art; on the other hand, Italy regains its historical and artistic assets.”
The economy ministry estimates tax evasion costs the country around 91 billion euros a year.

 

Short URL : http://goo.gl/Cww0Hb

You can also read ...

Collection of Late Actor Robin Williams for Auction
Artworks, memorabilia, personal possessions and other ephemera...
Online Sale of Persian Calligraphy
An online gallery offering calligraphy works was launched on...
Play on French Resistance to Nazi Occupation
A loose adaptation of the 1942 novel “The Silence of the Sea”...
Adaptation of Matei Vişniec Play
An adaptation of “Richard III Will Not Take Place” written by...
Piano Recital by Arash Gouran
Arash Gouran, art director and conductor of Tehran...
Kharanaq Citadel of Sassanid Era in Painting
A group of 30 painters have presented their paintings of...
Fakhreddini to Present 50 Years  of Music Career at Vahdat Hall
Veteran composer and conductor Farhad Fakhreddini will conduct...
Venice Festival to Film Restored Version  of Ebrahim Golestan’s ‘Brick and Mirror’
The Venice Film Festival has released the list of  restored...

Trending

Googleplus