The Kaohsiung Museum of Fine Arts is organizing a conference on Dec. 14 and 15 to give people a better understanding of the monetary and taxation aspects of artwork transactions.
The seminar will address questions frequently asked by people unfamiliar with the local art collector’s market, such as: “Can I make a tax deduction on purchasing a work of art?” “What is the benefit of donating works of art to public institutions?” and “After purchasing a work of art, could I make more money by selling it at auction?”
Serious art collectors have a working knowledge of the circulation, prices, donation and tax implications of works of art. However, most people are unaware of the potential pitfalls, and some have had to pay a hefty price for donating works of art.
Photo: Sung Chih-hsiung, Taipei Times
Many people believe that holding works of art in a private collection or donating artwork to public institutions can bring savings through tax deductions.
However, when an artist donated some of his paintings to the museum earlier this year, the National Tax Administration sent him a hefty tax bill.
The case caused quite a stir, with many people questioning the tax agency’s move.
Museum officials say they have a limited budget, and a large part of the museum’s collection came from private donations. The museum relies on donors to enrich its collection, they said.
However, they said that donations may still be considered “income” for tax purposes.
For most people, donating works of art involves many pitfalls due to the complexities of taxation regulations, such as the annual limit on the value of artwork donations, and not all institutions are authorized to appraise works of art. These issues may influence the good intentions of donors and end up costing them money instead of enabling them to claim a tax deduction.
With these topics in mind, the museum decided to present the seminar, with the theme of “Discussion on the artwork transaction market, donation of works of art to museums and the derived taxation issues.”
For artists, their families and private art collectors, the seminar seeks to answer questions on donating, selling, gifting or inheriting works of art, as well as the legal issues, rights and responsibilities involved.
The conference will also address the topic of current management policies at art museums as these institutions face the ever-changing needs of society while guarding the public interest in playing the role of the government’s public art treasury.
The museum is inviting presentations and specialized papers from experts and academics.
Registration for the seminar can be done on the museum’s Web site, www.kmfa.gov.tw/KMFAENG. The registration deadline is Wednesday next week.
MISINFORMATION: The 100,000 masks given to ally Paraguay were bought in other Latin American nations, not made in Taiwan, the Ministry of Foreign Affairs said Taiwan has not yet reached a point where it can export masks to diplomatic allies amid the COVID-19 pandemic, the Ministry of Foreign Affairs said yesterday, dismissing as misinformation online reports that it gave away masks to curry favor with a diplomatic ally. “Taiwan provides med-ical aid to diplomatic allies based upon specific circumstances,” Minister of Foreign Affairs Joseph Wu (吳釗燮) said, adding that the supplements donated by Taiwan were all purchased locally in allied countries, in accordance with their needs. “The time is not yet ripe” for Taiwan to export medical supplies, such as surgical masks, to diplomatic allies, until
An improvised protective device for use when intubating patients designed by Taiwanese doctor Lai Hsien-yung (賴賢勇) is being adopted in the Philippines to help doctors there stay safe amid the worsening COVID-19 pandemic. “We made this acrylic aerosol box for my sister Dra. Frances Legaspi for Antipolo Doctors Hospital. Credits to Dr Lai Hsien-yung for the concept and design,” Anton Legaspi, whose family owns a business that makes customized designs, said on Facebook on Monday. The hospital is in Antipolo, about 25km east of Manila. Legaspi’s post was accompanied by several photographs of the box and a short demonstration video
Nearly 60 percent of Kaohsiung residents polled said that they would vote to recall Kaohsiung Mayor Han Kuo-yu (韓國瑜), think tank Taiwan Brain Trust, which conducted the survey, said yesterday. A petition to recall the mayor is undergoing a second review and if it is passed, a vote is to be held in the latter half of June. Of those polled, 69.7 percent said that they would participate in a vote, while 56 percent said they would still participate if there was a sharp increase in the number of COVID-19 infections. The data showed that, irrespective of the COVID-19 pandemic, Han would likely
FALSE INFORMATION: The report quoted the mother of a British woman quarantined in Taiwan as saying that her daughter and the daughter’s partner are ‘in prison-like conditions’ A BBC report that quotes Britons’ complaints about quarantine conditions they experienced in Taiwan is not true, the Ministry of Foreign Affairs said yesterday, expressing regret over damage done to the nation’s reputation for competent disease-prevention measures. The BBC report published on Wednesday quoted the mother of a British woman quarantined in Taiwan as saying that her daughter and the daughter’s partner were quarantined on Wednesday last week and are being kept “in prison-like conditions.” “The room is filthy. She has no hot water and nowhere to wash her clothes,” the mother was quoted as saying, without naming the location of