Italy to slash VAT on art to compete with EU rivals

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The Minister of Culture called it 'a historic day'

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For Italy, this decision means that it will compete on an equal footing with other countries in the field of art.

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In the end after months of negotiations with the Ministry of Economy Alessandro Giuli made it: the rate of VAT on the transaction and export of works of art drops. Italy goes from 22% to 5% moving to the lowest level in Europe and surpassing France and Germany that, once you understand the intentions of the Italian government, had rushed to launch first the corrective maneuver, reducing their respective rates to 5.5% and 7%. "Mission accomplishe…