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Tax exemptions for companies and contemporary art

La Maëlle Galerie’s doors are open to all the companies that want to enhance their premises and affirm their taste for contemporary art. Here is a fabulous opportunity to involve art in your company and, at the same time, exempt taxes.

According to article 238 bis AB of CGI (General Tax Code), a special discount shall be granted to companies once they buy original artworks by living artists (subscribed in an active locked-in account) provided that they must be exhibited to the public within 5 years from acquisition.
For artworks which price is less than € 5 000 excluding VAT, exhibition condition to the public is satisfied once the artwork is exhibited in a space “accessible to clients and/or to the company employees, except for personal offices”.

Companies can, hence, deduce from the result of the acquisition year and during the following 4 years, in equal fractions, an amount equal to the acquisition price limited to 5 per thousand of its turnover excluding VAT. This article applies to companies subject to corporate tax or professional corporations regime, whatever the nature of their firm occupation.

companies and contemporary art