Overhaul of the flat-rate tax on sales of precious metals, jewellery and works of art

Article 68 of the 2005 Amending Finance Act replaces Articles 150 V bis to 150 V sexies of the General Tax Code with Articles 150 VI to 150 VM. The flat-rate tax on sales and exports outside the European Union remains at 7.5% of the price for precious metals and 4.5% for jewellery, works of art, collectors' items and antiques. The reform exempts sales of works of art by sellers not domiciled in France, keeps the exemption for art sales not exceeding €5,000 and for sales to public museums, libraries and archives, allows sellers of precious metals to opt for the ordinary capital gains regime, and makes the intermediary domiciled in France responsible for filing and payment when involved in the transaction. It applies to sales and exports made from 1 January 2006.