ROME – Taxpayers in Italy will soon be able to settle their tax bills by donating artwork, books or historic villas.
Over the weekend the Minister of Culture and Tourism of Italy Dario Franceschini announced that a new panel has been established to determine the value of artworks submitted to the government by taxpayers as a means of paying tax obligations.
The government has allowed taxpayers to meet their payment obligations by donating artwork since 1982, however, the process is not commonly used in recent years, and has never been applied by authorities or taxpayers with “any conviction”.
It is hoped that the establishment of a concise valuation method will revive interest in the possibility.
Under the revived program, tax authorities will accept historic art pieces, contemporary art, antique books, and villas.
According to Dario Franceschini if taxpayers pay their taxes with artwork, they will help the country to achieve to independent goals- to ensure that taxpayers stay on top of their obligations, while simultaneously securing and protecting the country’s valuable historic art.
Photo By: Dustin Gaffke