October 15: Zoom Meeting Hosted by Xavier Bollotte, Chartered Accountant

In 90 days, a new VAT regime for the art market will come into effect, bringing significant changes for our sector.

Under the new rules, it will be possible to apply the reduced 5.5% VAT rate to the total selling price of works of art, antiques, and collectors' items.

It will also be possible to recover the 5.5% import VAT on eligible goods.

However, the implementation of this new regime is not straightforward, as the existing VAT margin scheme will not be abolished.

Several key questions therefore arise:

• Will the margin scheme remain mandatory for purchases made from private individuals?
• In which situations will the new VAT regime be more advantageous?
• Which VAT regime will apply at BRAFA in January? Belgium is, for the time being, retaining the previous 21% VAT margin scheme.

Will it be possible to recover VAT on imports from outside the European Union made before January 1, 2025?

How will the new intra-EU VAT regime operate?

Are there any VAT-related actions that should be taken before the end of the year?

These are just some of the many questions facing art market professionals, particularly those involved in international transactions both within and outside the European Union.

To address these issues, we are hosting a Zoom meeting on Tuesday, October 15, during which our chartered accountant, Xavier Bollotte, will provide a detailed overview of the new VAT regime and answer your questions.

To help us prepare the session, we kindly ask you to send your questions in advance to the following email address: CH@sna-france.com.