- New VAT rules for art objects in Italy will come into effect, likely on September 1, 2024
- Aim to simplify VAT treatment and bring transparency to the art market
- Standard 22% VAT rate will apply to art sales, replacing previous complex system
- Part of broader effort to modernize taxation of art and cultural sector in Italy
- Other tax-related developments in Italy include changes to voluntary disclosure program and introduction of biennial pre-bankruptcy procedure
- Overall, changes aim to bring more transparency and consistency to Italy’s art and cultural industries.
Source: eutekne.info
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
