Artwork with tax benefits
Artwork with tax benefits
Companies that buy art cannot normally deduct the costs for this in their tax accounts. This is because the value of a work of art usually does not diminish.
However, there is an exception. In order to support artists, there is a very special set of rules in the tax regulations which, under certain conditions, gives companies the right to deduct or write off expenses for the purchase of art. Below we provide an overview of the most important parts of the rules.
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You can read more right here
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