For businesses and offices
For companies subject to corporation tax, there are two solutions:
art leasing and tax exemption.
Tax exemption for works of art
Companies purchasing original works by living artists for public display can deduct 100% of the purchase price from their taxable income.
Art leasing allows you to acquire works of art for your workspace in a simple, step-by-step process.
You benefit from a fitting-out by paying a monthly rent corresponding to the rental value of the works on display. This rent contributes directly to the financing of the works of art.
The rent is entered in account 6068 of the general chart of accounts as part of the cost of decorating and fitting out your offices, and is considered a fully tax-deductible operating expense, provided the works of art are exhibited in a place accessible to the company's general public (a meeting room, reception hall or office).
After the rental period, which can extend from 12 to 48 months, the works of art are transferred to a third party via a purchase option. In this way, the company renews the works on display and enables a member of its staff (an employee, shareholder or manager) to ultimately become the owner at a lower cost.
In short, art leasing allows you to :
- Reduce your taxes: monthly rents are deductible from corporate income tax (Companies)
- Spread your expenses: the cost of purchasing the work over several years (13 to 60 months).
- Build up a collection by exercising the purchase option at the end of the lease, enabling you to acquire the work for a residual value.