- Belgium introduces draft VAT bill updating service supply rules and margin schemes for arts and antiques, implementing EU Directive 2022/542
- The bill generalizes reduced VAT rate of 6% for art objects, collectibles and antiquities across all supplies, acquisitions and imports
- New restrictions prevent dealers from using profit margin scheme when goods were originally acquired with reduced VAT rates to avoid competitive distortion
- Changes include updated place of supply rules for virtual services like streaming of cultural, artistic, sporting and entertainment events
- The legislation takes effect upon publication in Official Gazette and addresses tax challenges from increased virtual event attendance since COVID-19
Source: regfollower.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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