Uniwersyteckie Czasopisma NaukoweCollecting works of art: Are they taxable? An Italian perspective
DOI:
https://doi.org/10.26881/gsm.2020.18.09Słowa kluczowe:
art, tax regime, Italian tax regimeAbstrakt
This article provides an overview of the tax treatment applicable to individuals, whether private individuals or galleries or auction houses, who buy, sell and exchange works of art. It outlines the existing situation on the matter with a specific focus on Italian legislation. The art sector, in fact, no longer considered niche and has all the prerequisites to acquire an ever greater importance, including in the investment sector as a portfolio diversifier.
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Bibliografia
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Sources of law
Decree of the President of the Republic, 26 October 1972, no. 633, Establishment and regulation of value added tax, Official Italian Gazette, General Series of 11 November 1972 – Ordinary Supplement no. 1.
Decree of the President of the Republic, 29 September 1973, no. 597, Establishment and regulation of personal income tax, Official Italian Gazette, General Series of 16 October 1973, no. 268 – Ordinary Supplement no. 1.
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Council Directive 94/5/EC of 14 February 1994 supplementing the common system of value added tax and amending Directive 77/388/EEC – Special arrangements applicable to second-hand goods, works of art, collectors’ item and antiques.
Law Decree, 23 February 1995, no. 41, Urgent measures for the reorganization of public finances and for employment in depressed areas, Official Italian Gazette, General Series of 23 February 1995, no. 45.
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