Italy Slashes VAT on Art to Boost Industry
Italy plans to reduce the VAT on art from 22% to 5%, supporting artists and galleries. The decision follows a call by artists led by Maurizio Cattelan, seeking to align Italy with European standards like France and Germany. The measure awaits cabinet approval.
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Italy is set to significantly reduce the value-added tax on art, dropping it from 22% to 5%. The draft decree, seen by Reuters, aims to provide financial relief to artists and gallery managers, as revealed on Friday.
This move comes after a collective effort by artists, including renowned Maurizio Cattelan, who earlier this year urged Italian Prime Minister Giorgia Meloni to lower the VAT rate to encourage art purchases. The artists emphasized the need for Italy to compete with other European nations such as France and Germany, which have lower VAT rates of 5.5% and 7% respectively.
The proposed measure is part of a broader package expected to receive cabinet approval soon, potentially marking a turning point for Italy's art market competitiveness in Europe.
(With inputs from agencies.)
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