A 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. Â 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. Â “You have to admire the simplicity of it,” says contributor Robert Wood. Â “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
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A Look at Mexico and the UK’s Allowance of Artists Paying Taxes with Art
