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Art dealers across the European Union EU) are lobbying their governments to take advantage of a new EU law to reduce value-added tax (VAT) rates on art sales.
Lauren Heath-Jones | Planet Attractions | 02 Aug 2023
Art dealers across the European Union EU) are lobbying their governments to take advantage of a new EU law to reduce value-added tax (VAT) rates on art sales.
The law, which was introduced in April 2022, aims to contribute to a single EU-wide VAT system that gives member states the right to set their own rates internally.
Under the directive reduced VAT rates, no lower than 5% of the full price of an item, can be applied to specified goods and services that “pursure objectives of general interest.”
The previous VAT directive, passed in 2006, excluded art from the list of products and services eligible for reduced VAT rates, however the new directive includes the “supply of works, collectors’ items and antiques.”
Member states are required to align their country’s laws with the new legislation by the end of 2024.
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