Adam's FINE ASIAN & AFRICAN ART 25th June 2024

120 Additional information and photographs for all lots can be found at www.adams.ie Fine Asian Art | 25 June 2024 Introduction This guide outlines the Value Added Tax (VAT) treatment of lot(s) sold at auction through Adam’s. It covers the most common types of transactions, although other situations may arise. As every buyer’s situation is different, we cannot offer specific tax advice. In all cases the relevant tax legislation takes precedence. You are advised to, and are responsible for, obtaining independent tax advice where necessary. Depending on the status of the lot, and your status as a buyer, VAT may be charged on the hammer price, the buyer’s premium or both. Any such taxes will be identified at lot level, therefore it is important to familiarize yourself with the key symbols below. Most lot(s) are sold in accordance with the Irish Auctioneer’s Margin Scheme and accordingly VAT will not normally be charged on the hammer price. Adam’s must bear VAT on the Buyer’s Premium and hence will charge an amount in lieu of VAT at the standard rate on these premiums i.e., the invoiced buyer’s premium of 25% will therefore include the VAT. Said lots are identified with no symbol denoted beside the lot number. A limited range of goods, including most books, are subject to a 0% rate of VAT and therefore no amount in lieu of VAT will be added to the Buyer’s Premium. Ɵ Where Lots have been imported from outside the European Union, and are under a Temporary Admission Authorisation, they will be denoted by the symbol * shown beside the lot number in the catalogue. They may be subject to additional charges on the hammer price which should be the relevant prevailing rate in the jurisdiction of import on the date of importation. No symbol This is an Irish Auctioneers Margin Scheme lot. 23% Irish VAT will be charged on the ‘buyers’ premium’ only and invoiced on an inclusive basis. Total payable 25% ( λ) Lot imported under Temporary Admission. 13.5% Irish import VAT will be charged on the ‘hammer’ price and 23% Irish VAT will be charged on the ‘buyer’s premium’ and invoiced on an inclusive basis under Irish Auctioneer’s Margin Scheme rules. Total payable 38.5% (See below for more information) 0 VAT Zero-rated items (Ireland only) Total payable 20.325% + Important notice to the buyer: Please note that this lot is not on our premises and is currently located in France, and is to be sold on designation. The successful bidder will then have to arrange the shipping from the French location. General Exporting Lots from the European Union Where a Lot is exported from the European Union in accordance with the conditions detailed below the VAT may be cancelled or refunded by Adam’s as follows: 1. Lots sold under the Auctioneers Margin Scheme – the amount charged in lieu of VAT on the buyer’s premium. 2. Lots under the Temporary Admission Authorisation - the amount charged in lieu of VAT on the buyer’s premium PLUS the prevailing Irish import VAT. Original correct export document is required from the Irish Revenue Commissioners showing that the lot has been exported from the European Union. A. Cancellation of VAT charges Where a buyer instructs an Adam’s authorised carrier to facilitate the transportation of the lot then a zero-rated invoice can be issued. The proof of export in the form of an export declaration to the Irish Revenue Commissioners will be facilitated by Adam’s customs agent. B. Refund of VAT Charges Where a buyer makes their own arrangements for transportation of the lot(s), the buyer must pay for the lot(s) in full including all elements of the Irish VAT. ONLY upon receipt of satisfactory proof of export (i.e. a copy of the export declaration to the Irish Revenue Commissioners showing that the lot has been export- ed from the European Union) will Adams then refund to the Buyer the amount of VAT initially paid. 1. VAT TO BE REFUNDED MUST BE €50 OR MORE PER SHIPMENT 2. A PROCESSING FEE OF €20 (PLUS ANY APPLICABLE VAT) WILL APPLY. Adam’s, upon request and for an administrative fee, may apply for a license to export your lot(s) outside of the EU. Miscellaneous 1. Buyers from outside the European Union should note that upon importing lots to their final destination outside the European Union, local import VAT, im- port duties, sales taxes and/or use taxes may be payable. Please consult your local tax advisor. 2. If you purchase a lot which is under a Temporary Admission Authorisation (indicated by a * symbol and intend to export it from the European Union for re- pair, restoration or alteration, please contact Adams before collection. Failure to do so may result in the import VAT becoming payable immediately and Adam’s being unable to refund the VAT charged on deposit. 3. If you collect the Lot from Adams in Ireland with a view to “hand-carrying” it back to its final destination, you must pay the Irish VAT in full. Adams cannot cancel or refund the Irish tax in these circumstances. VAT SYMBOLS, EXPLANATIONS AND REFUNDS