The Government has approved a Decree containing the reduction of the VAT rate applicable to the sale of works of art, bringing it from 22% to 5%.
Italy therefore returns to being a competitive Country in the sector
compared to other competitors who had already moved in this direction (Germany 7%, France 5.5%).
The measure was eagerly awaited by operators in the sector who, in the absence of extraordinary measures, would have seen their turnover decrease by up to 50% in the coming years.
All this thanks also to the action of ANGAMC (National Association of Modern and Contemporary Art Galleries), the Apollo Group, and the sensitivity shown by politicians, in particular by the Minister of Culture Alessandro Giuli.
Roberto Ammendola
Partner, Tax Advisor and CPA