- The Portuguese parliament approved proposals from Chega and the Socialist Party to reduce VAT on art transactions from 23% to 6%; the Liberal Initiative’s proposal was rejected.
- The measure aims to address sector demands and align Portugal with other European countries, enhancing competitiveness for art galleries, antique dealers, and auction houses.
- The change will take effect as part of the 2026 State Budget, following the partial transposition of an EU directive on VAT rates.
- The reduction is expected to encourage investment, professionalization, and the valuation of national artists.
Source: jornaldenegocios.pt
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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