5.5% VAT on sales of works of art by their creator

Article 22 of the 2015 Finance Act, resulting from an amendment adopted by the Senate, cuts from 10% to 5.5% the VAT rate on supplies of works of art by their creator or the creator's heirs (new Article 278-0 bis, I, 3° of the General Tax Code), aligning it with the rate on imports and intra-EU acquisitions of works of art. The revenue loss is offset by an additional tax on tobacco duties. It applies to transactions from 1 January 2015.