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more italians take avantage of art for taxes scheme 131511

The Italian government has successfully revived a program allowing citizens to use cultural treasures, fine art, antique books, and villas to satisfy tax bills. Culture and Tourism Minister Dario Franceschini named a panel to tally the value of works offered for income and inheritance taxes, aiming to reinvigorate a scheme established in 1982 that previously attracted little interest. The program mirrors similar initiatives in other EU countries, notably Britain, where a comparable plan drew works worth $80.4 million in 2012–13.

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switzerland reject inheritance tax billionaires collectors 1234764622

Swiss voters overwhelmingly rejected a proposed inheritance tax on Sunday, with 78% voting no. The tax, introduced by the Social Democrats, would have applied a 50% rate to inheritances and gifts exceeding 50 million Swiss francs (about $62.3 million). Billionaire Peter Spuhler threatened to leave the country if the tax passed, and Swiss wealth managers warned that other ultra-wealthy individuals would follow, citing their mobility and options to optimize taxes.