Taxation of works of art

In recent years modern and contemporary art is gaining increasing importance in the composition of corporate and family assets. The transfer of works of art and the significant amount of capital involved lead to the need to pay particular attention to the taxation associated with the world of art.

The Firm assists collectors, artists, and art galleries in solving taxation issues related to direct and indirect taxes. In particular, the consultation provided by the Firm regards:

• The transfer of works of art in Italy, Europe and abroad;
• Taxation of activities carried out by artists;
• The proper calculation of income tax of collectors;
• The determination of the value of a work of art which is recorded in the corporate financial statements;
• The purchase of the copyrights relating to a work of art and their inclusion in the financial statements;
• The deductibility of the amortization charges relating to the copyrights;
• The transfer of and the license to use copyright rights;
• The taxation of capital gains and losses resulting from the sale of works of art;
• Assistance in the procedure for the acquisition of the customs authorization for the temporary export and import of works of art;
• Support in the acquisition of authorizations for the definitive export or import of works of art;
• Management of relations with Customs;
• Support for the customer, gallery, or auction house, in the application of the VAT margin scheme to the sale of works of art;
• Assistance to individuals, non-commercial entities, and corporations who are the beneficiaries in obtaining the Art bonus, that is to say the tax credit established by the Law on Liberal Disbursements for the purpose of carrying out maintenance, protection, and the restoration of public cultural works, the support of public cultural institutions and locations, the creation, restoration, and enhancement of opera-symphonic facilities and theaters and the facilities of public institutions dedicated to public performances;
• The gift and succession tax, with particular regard to the planning of generational transitions;
• Taxation in the sale of works of art based on legal doctrine and jurisprudence;
• Assistance and representation in tax litigation at the various degrees;
• Consultation regarding contractual matters relating to the purchase and sale of works of art, including with regard to guarantees of authenticity of the works.