Exemption from ISF:
According to article 885 I (paragraphs 1 and 2) of the General Tax Code: “objects of antiquity, art or collection are not included in the tax bases for the Solidarity Tax on Fortune “. Works of art, whatever their nature, are therefore not subject to the Solidarity Tax on Fortune (ISF.
Purchase of works of art:
- VAT is recoverable.
For companies there is a real tax advantage in the purchase of works. (art. 238 bis AB of the General Tax Code)
- You can deduct the acquisition of works of contemporary art from your taxable income, in equal annual installments over 5 years, up to a limit of 0.5% of turnover.
Condition: present the acquired works to the public.
- You can fully deduct from your taxable income the rent for works used for the development of your professional spaces.