On November 1, deputies voted to make works of art subject to the real estate wealth tax, renamed the “unproductive wealth tax,” to the great dismay of the art world. But the full text of the bill was almost unanimously rejected at first reading. After passing through the Senate which did not accept this measure, the new text proposed by the Government did not include this subjugation either.
The Government used article 49.3 to pass the revenue budget. The two motions of censure having been rejected on Friday January 23, the text is considered adopted on new reading. It must now go to the Senate for a new reading then return to Parliament but unless there are any last minute surprises, this text will be approved, putting an end to parliamentary uncertainties.
The subjection of works of art to the former wealth tax (ISF) or the new real estate wealth tax (IFI) is a measure that comes up periodically, mainly carried by opposition deputies. We never know if it is a red rag that these deputies are waving to gain notoriety or negotiate concessions with the Government, or a truly assumed measure.
Each time, the art world, starting with dealers – but not only – has shown the disastrous effect of this measure on trade, donations, collectors, for a much lower return than the promoters of subjugation want to believe.
