At the end of June, during Art Basel, Italy approved a reduction of VAT on the art market to 5%. Davide Mazzoleni comments:
“… a tax reduction is a game-changer for Italian dealers. Lowering VAT to 5 percent will significantly increase market turnover and generate a substantial overall economic impact,” he added. “VAT reform was therefore not merely desirable, but essential for the long-term sustainability and international competitiveness of Italy’s art system.”
Italy Finally Bows to Local Pressure and Slashes Art VAT to 5 Percent
By George Nelson
Read online