A Look at Mexico and the UK’s Allowance of Artists Paying Taxes with Art

September 14th, 2014

Piet Mondrian, Arum Lily, 1909-10. Photograph Gemeentemuseum den Haag © 2014 Mondrian/Holtzman Trust c/o HCR InternationalA recent article in Forbes analyzes current taxing strategies in the UK and Mexico, which allow fine artists to pay part or all of their taxes with their work.  Called “Acceptance-in-Lieu,” the program offers a tax alternative that allows governments to grow their national collection while collecting a higher percentage of owed tax.  “You have to admire the simplicity of it,” says contributor Robert Wood.  “Say an artist sells one to five pieces of art in one year. He then donates a work of equal value to the state. The more you sell, the more you hand over for taxes.”Read more at Forbes