How to buy original artworks without tax in Singapore?
In Singapore, there is no specific tax exemption for the purchase of works of art. However, there are certain tax incentives and schemes that can potentially provide benefits related to artworks. Here are a few options to consider:
- Goods and Services Tax (GST) Tourist Refund Scheme:
If you are a non-resident of Singapore and you purchase a work of art for personal use, you may be eligible for a refund of the Goods and Services Tax (GST) paid on the purchase. The GST Tourist Refund Scheme allows tourists to claim a refund of the GST incurred on eligible goods upon leaving Singapore. Certain conditions and criteria apply, and you need to comply with the necessary procedures to claim the refund. - Approved Museums and Heritage Institutions Scheme:
If you donate a work of art to an approved museum or heritage institution in Singapore, you may be eligible for tax benefits. The donated artwork must meet the criteria set by the National Heritage Board (NHB) for inclusion in the museum's collection, and the museum or institution must be approved for tax purposes. You may be able to claim a deduction for the value of the donated artwork against your taxable income. - Cultural Matching Fund (CMF):
The Cultural Matching Fund is a grant-matching scheme administered by the National Arts Council (NAC) in Singapore. It encourages private donations to eligible arts and heritage institutions. Under this scheme, donations made to approved cultural institutions are matched dollar-for-dollar by the government, effectively doubling the impact of the donation. The CMF can provide incentives for individuals and businesses to support the arts in Singapore.
It is important to consult with a tax advisor or the relevant tax authorities in Singapore to obtain accurate and up-to-date information on the applicable regulations, incentives, and schemes related to the purchase and donation of works of art. They will be able to provide tailored advice based on your specific circumstances.
Invest in original art from Singapore artists on Artmajeur
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Sources:
© Paola Moscatelli
Samuel Charmetant