Reduction of VAT rate in the supply of works of art
The introduction, with effects from January 26th, 2014, of the ninth article of Royal Decree-Law 1/2014 in article 91. One of the VAT Law, the numbers 4 and 5, in order to reduce from 21% to 10% taxation of imports of works of art, antiques and collectibles, as well as intra EU supplies and intra EU acquisitions of works of art, where such intra EU supply is made by authors or rights holders and entrepreneurs not resellers entitled to full deduction of input VAT.
As a consequence of this rate reduction, the ninth article of that Royal – Decree also amends Article 135.One.3rd of the VAT Law in order to include in the Special Regime for used goods, works of art, antiques and collection, the supply of works of art acquired to entrepreneurs in transactions that have been taxed at the reduced rate.
Click here if you want more information about our VAT services or you can contact us at info@diligens.es
