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Italy’s government approved a VAT reduction on art sales from 22% to 5%, aiming to transform the country into a major European hub for galleries, fairs, and international art trade.
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The new rate, pending parliamentary approval, could apply to imported art, making Italy’s market more competitive than France and Germany, following successful lobbying efforts by national art sector groups.
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Broader reforms include simplifying cultural export licenses and digitizing cultural site registries, with projections estimating €1.5bn in annual turnover and €4.2bn in added economic value within three years.
Source: www.artnewspaper.com
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