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Legislature reduces taxes artists pay on sold works By Chien Hui-ju and William Hetherington / Staff reporter, with staff writer The Legislative Yuan on Friday passed an amendment to reduce the taxes artists pay on income from auctioned art. The amendment which replaces the Culture and Arts Reward Act (文化藝術獎助條例) with the Culture and Arts Reward and Promotion Act (文化藝術獎助及促進條例) stipulates that proceeds from art sales are to be taxed on a per-transaction basis, and not reported as part of an artist’s annual income. Taxes would be calculated as 20 percent of 6 percent of the final transaction amount which reduces the tax from the income of a sold artwork by 1.2 percent.

T ai peiHong kongRosalia wuChien hui juHuang kuo shuGeorge tsorngAnn kaoTaiwan people party legislatorDemocratic progressive partyTaipei timesWilliam hetheringtonLegislative yuanArts reward actArts rewardPromotion actCulture lee yung te