- Italy plans to reduce VAT on art imports from 10% to 5.5% to enhance its competitiveness in the global art market, aligning with lower rates in countries like France (5.5%) and Belgium (6%).
- The proposed VAT reduction follows a revised EU directive that allows member states to lower VAT rates on specific commercial categories, including art, by January 2025.
- Experts believe this change will benefit both collectors and galleries in Italy, potentially positioning the country to reclaim a significant share of the global art market, which it currently lacks.
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