Gov't acquires four paintings through new payment-in-kind policy

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Gov't acquires four paintings through new payment-in-kind policy

Published: 07 Oct. 2024, 18:31

YOON SO-YEON
yoon.soyeon@joongang.co.kr

Two "Portrait" (2007) pieces by Zeng Fanzhi [MINISTRY OF CULTURE, SPORTS AND TOURISM]

Korea welcomed the first batch of four paintings collected as payment in kind for inheritance tax, which will be stored at the Museum of Modern and Contemporary Art (MMCA), the Ministry of Culture, Sports and Tourism said Monday.

The four paintings — two "Portrait" (2007) pieces by Zeng Fanzhi, "Sunrise Landscape" (1991, translated) by Lee Man-ik and "Aggregation 08-JU072 BLUE" (2008) by Chun Kwang-young — were approved by the government out of 10 paintings that were submitted to the National Tax Service Seocho District Office in southern Seoul in January this year. The four were chosen out of 10 after thorough research by the government and MMCA experts, according to the Culture Ministry.

Payment in kind has been allowed for tax payers who must pay over 20 million won ($14,846) in inheritance tax and if the amount is higher than the sum of the financial inheritance.

The applicant submits papers to the district tax office, which are then reviewed by the Culture Ministry. If the ministry validates the work's historical, academic and artistic value, then the artwork can be used to write off the tax amount.

"Sunrise Landscape" (1991, translated) by Lee Man-ik [MINISTRY OF CULTURE, SPORTS AND TOURISM]

"Aggregation 08-JU072 BLUE" (2008) by Chun Kwang-young [MINISTRY OF CULTURE, SPORTS AND TOURISM]

The four works will be registered in MMCA's collection and used as part of the museum's events including exhibitions, according to the ministry.

"We are thrilled to have received the long-awaited first payment in kind with art, which comes as the result of proactive collaboration from the related government bodies and experts," the Culture Ministry said in a press release.

"We hope to see warm support for the first steps taken by the art payment in kind policy. We will endeavor to encourage the policy by improving and developing it."

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]