Legislature reduces taxes artists pay on sold worksBy Chien Hui-ju and William Hetherington / Staff reporter, with staff writerThe Legislative Yuan on Friday passed an amendment to reduce the taxes artists pay on income from auctioned art. Taxes would be calculated as 20 percent of 6 percent of the final transaction amount — which reduces the tax from the income of a sold artwork by 1.2 percent. Companies providing cultural services for government agencies would also be required to have business insurance under the amendment. The amendment brings Taiwan in line with international norms of separating taxation of cultural production from that of individual income, he said. “I hope that this amendment will keep art transactions in Taiwan, and attract large auction houses and other professionals to come here,” he said.

Source: Taipei Times May 01, 2021 15:56 UTC