Paying Tax Debt With Artworks and Cultural Assets: An Italian Perspective
The COVID-19 pandemic has had a direct and serious impact on the economy of many countries. It has resulted in reduced consumption and fewer commercial transactions, which together have driven a liquidity crisis for both companies and individuals.
In many countries, governments approved and implemented measures aimed at supporting businesses and individuals facing economic difficulties. In Italy, the adopted measures were tax-based (for example, the suspension or extension of tax payment deadlines and granting tax credits). Other types of relief included nonrefundable economic aid to categories of business owners, such as restaurateurs, that were forced to close their businesses during the lockdown.
The serious situation we are now facing is made worse by price increases for raw materials and international tensions associated with the outbreak of war between Russia and Ukraine. These circumstances provide an opportunity for tax consultants to review existing rules from a fresh perspective and consider whether the rules are useful to taxpayers facing economic difficulty.
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