In a significant policy shift, Italian lawmakers announced a reduction in VAT on art sales from 22% to 5%, as approved in a cabinet meeting on June 20. This change, highlighted by Culture Minister Alessandro Giuli, aims to position Italy as an international art market hub. Previous concerns regarding the high VAT rate included threats to Italy's cultural landscape. The legislation must pass within 60 days for the cut to take effect, potentially making Italy's market more competitive than France and Germany.
"It's a momentous turning point," says Sirio Ortolani, the president of ANGAMC. "Italy can finally become a great international hub, attracting galleries from all over Europe and major fairs."
The tax cut must be passed in parliament within 60 days to remain in effect. Italy's 5% VAT will be lower than both France and Germany.
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