Italy to slash VAT on art to compete with EU rivals

Italy’s right-wing government is set to reduce the value-added tax on art from 22% to 5%, responding to urgent calls from over 500 artists and galleries who warned of a potential collapse in the domestic art market. This tax cut, anticipated to be approved in a Cabinet meeting and requiring parliamentary ratification within 60 days, aims to enhance competitiveness against lower-tax countries like France and Germany.

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