Flemish taxpayers can reduce inheritance tax through art donations

From next year, the Flemish Government will allow people to pay part of their inheritance tax through art donations in order to expand their collection of cultural heritage pieces.

The decree, which takes effect on 1 July 2023, seeks to target wealthy citizens who have a large private collection of renowned works of art, as well as archaeological finds, jewellery, manuscripts, and scientific objects.

To make this initiative more appealing, the Flemish Government will value any donations at 20% more than their market value. For example, if a person donates a painting worth €35,000, they will owe €42,000 less in inheritance tax.

This is part of the governmental mission to acquire €700,000 worth of pieces of Flemish heritage and make them accessible to the general public.

Until now, they had been unable to do so, because "the budgets are too limited to acquire them through the market," according to the decree.

(VIV)

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BELGA PHOTO (JEAN-PHILIPPE KSIAZEK / AFP) A visitor looks at the art creation "L'Album de la Famille D." by Christian Boltanski, on display at the exhibition entitled Double Je, which values the exceptional donation of a couple of Parisian gallery owners, Liliane and Michel Durand-Dessert.