Directive 2022/542 of April 5, 2022 made it impossible to combine a reduced VAT rate on purchase with the application of a margin VAT mechanism on resale.
France, which until now has allowed a 5.5% VAT rate on the purchase and a VAT margin mechanism on the resale of works of art, is obliged to comply with the European directive by 2025.
To find out more about the legislative changes envisaged, the works of art concerned and the economic and tax impacts for art galleries, art agents and antique dealers, visit our dedicated blog .
