Inflation has impacted economies worldwide, leading to reduced purchasing power for consumers and uncertainty for industrial growth and company profits. This has increased the value of safe-haven assets like houses, gold, and art. Investing in art may have VAT implications, with changes to VAT rates and reporting due in 2025. Some EU Member States have reduced VAT rates for art, but the EU Directive 2022/542 aims to harmonize rates by applying the standard VAT rate to art. Italy sees this as an opportunity, while France’s art market has benefited from a reduced VAT rate. Changes to art VAT rates in Europe are ongoing.
Source Sovos
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