Taxation, Valuation, and Depreciation of Artistic Works Sold Through Auction
Tamer Budak, Metin Saban
article (Uluslararası, Hakemli) | Yazar(lar): Tamer Budak, Metin Saban | Yıl: 2010 | Dergi/Kurum: MALIYE DERGISI | İndeks: WOS.ESCI | Anahtar Kelimeler: Auctions, Artistic Work, Tax, Depreciation, Valuation — Özet: In order to tax artistic works sold at auction places, these pieces primarily have to meet the definition
In order to tax artistic works sold at auction places, these pieces primarily have to meet the definitions stated place in The Intellectual and Artistic Works Law and other arrangements. It is required to pay Income Tax or Corporation Tax, Value Added Tax and Brokerage Fee as a result of the sale of artistic work. Artistic work which is sold by an auction can be exposed to slight abrasion or attrition by the time passes because of its nature. However, this situation does not cause any depreciation of its monetary value. Therefore, the valuation and depreciation of this work are controversial. The purpose of this work is to clarify the controversial subjects by scrutinizing the artistic work which is sold by auctions in terms of tax laws and accounting principles and standards.