-
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.
-
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.
-
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
Latest Posts in "Italy"
- Commission Backs Italy’s VAT Derogation on certain vehicles Through 2028
- Briefing Document & Podcast: Italy’s E‑Invoicing, E‑Reporting, and E‑Transport: Scope, Timeline & Key Details
- Standard VAT Rate Applies to Hearing Aid Repairs; Reduced Rate Only for Sales, Not Services
- Italian Tax Authorities Clarify VAT Duties of Fixed Establishments in EU Contract Negotiations
- No VAT Deduction for In-House Companies Donating Works Free to Sole Shareholder Municipality
