Now In Korea

Korean Art Tax Deduction Scheme Faces Challenges

Creatrip Team

a year ago

Last year, South Korea introduced a scheme allowing art and cultural heritage to be used as payment for inheritance taxes. The National Museum of Modern and Contemporary Art received four paintings, including two portraits by Chinese contemporary artist Zeng Fanzhi, marking the scheme's first application. However, the art community is skeptical about future applications due to challenges like low awareness and restrictive criteria. Calls to expand the scheme and improve implementation through dedicated teams have been made. The scheme is comparable to similar initiatives in countries like France, the UK, and Japan.

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