Belgian Art Market Under Threat: Proposed 21% VAT Endangers Cultural Heritage and Economic Prosperity

• Belgium’s Ministry of Finance proposes a 21% VAT on works of art, threatening the art market
• France and Luxembourg have lower VAT rates, creating unfair competition
• EU directive 2022/542 mandates the VAT increase, impacting the art market
• Stakeholders in the art industry oppose the VAT hike, highlighting cultural and economic implications
• The tax legislation could harm cultural institutions like Art Brussels and BRAFA
• Belgium risks losing its position in the global art market if the VAT increase is implemented
• Returning to a reduced VAT rate of 6% could safeguard the art market’s future and preserve Belgium’s cultural heritage
• Belgian galleries are known for showcasing diverse artists and styles, playing a crucial role in shaping contemporary art locally and internationally.

Source: artlyst.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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