VAT Newsletter 52/2024
Annual Tax Act 2024: Changes for coin dealers, art dealers and gallery owners
Coin dealers, art dealers and gallery owners are likely to feel mixed emotions in response to the VAT law changes introduced by the Annual Tax Act 2024. From 1 January 2025, the supply, the intra-Community acquisitions and the importation of works of art and collectors' items will be subject to the reduced VAT rate. However, from this date, the margin scheme will no longer be applicable to works of art, collectors' items and antiques if the preceding supply to the reseller was subject to the reduced rate. Dealers and gallery owners are advised to reassess their current supply chains under VAT law and, if necessary, restructure and optimise them.
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