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ART LEASING

Tax-friendly way to acquire art through your company

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ART LEASING

ART LEASING
Until today, art leasing was not so well established in Belgium. Nevertheless, it offers many advantages for art galleries as well as entrepreneurs and liberal professions. Especially now that awareness of its tax advantages is growing, the momentum seems to have come for art leasing. Under this concept, entrepreneurs and liberal professions can enter into a leasing contract whereby they rent a work of art on a long-term basis in exchange for a monthly fee. This can be recorded as an expense in the income statement, and consequently this monthly amount can be deducted 100% for tax purposes. At the end of the contract, the lessee buys the work of art. At the end of the contract, the lessee buys the artwork. There is therefore the possibility to buy off the residual value privately.  For many people, this is a pleasant and fiscally interesting formula for building up an art collection, without having to spend a large amount of capital. It lowers the threshold to buy art. Need for a better framework and good agreements Art leasing is because of its many advantages
for the customer a form of art sales with great potential for gallery owners. Nevertheless, art leasing is still relatively unknown today, partly due to the fact that there is not yet an overarching leasing system in Belgium. If our government could force a breakthrough in this, it would become accessible to more galleries, which could clearly promote art sales. After all, the disadvantage of the system is that gallery owners have to finance the payment of the artist themselves. As long as the artwork is under leasing, this therefore has an enormous impact on their cash flow. Few galleries can handle this financially. Art leasing can be included as an expense in the profit and loss account and for 100% tax purposes.
will be subtracted.
We'd like to help you! (text Joris Hendrickx)
redactie.be@mediaplanet.com

 

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