Are you sure?

Contemporary art supported with tax write-offs

As of next year the government will encourage the sale of contemporary works of fine and applied arts with tax write-offs, Prime Minister Ferenc Gyurcsány told a group of artists, gallery owners yesterday. Up till now, buyers were allowed to reduce their taxable incomes by 1% of the purchase price of works deemed to be of artistic value by competent juries. Now, as of January 1, 2006 the entire purchase price of these works will be deductible from taxable incomes over a five year period, in equal installments, the prime minister said. (MTI; Nb 1,2, NG 4, Nv 3, MH 9)