Galleries get 5.5% VAT! Thanks to CPGA’s actions
22 Dec. 2023
We are pleased to inform you that the adoption of the reduced VAT rate of 5.5% on all works of art transactions has been confirmed as part of the finalization of the Finance Law for 2024! A CPGA press release was issued on Tuesday evening announcing that France is maintaining and extending the reduced VAT on works of art.
Indeed, with the adoption of the Finance Bill for 2024, France chooses to maintain the reduced 5.5% VAT rate applicable to works of art and extend it to all transactions. The changes will not take effect until January 1, 2025.
As you know, this measure is very good news for our sector, which has been heard and understood by our political representatives, notably the Ministry of Culture and the Ministry of Finance, but also Matignon and the Elysée Palace, as well as the members of parliament with whom we are beginning to forge good links.
This good news is the fruit of the Committee’s tireless work over many months, with the help of particularly committed members, a highly mobilized team and collaboration with top-level professionals. We would like to extend a special thank you to all those who have made an outstanding contribution to the Committee’s success, right up to the end!