germany

EU Asks Germany to Raise Taxes on Art

gerhard richter matrosen sailors 1966 EU Asks Germany to Raise Taxes on Art

'Matrosen Sailors' by Gerhard Richter (1966).

The executive body of the European Union, the European Commission, has asked that Germany close a loophole on its value added tax (VAT) for artwork, which is currently only seven percent, compared with to the usual 19 percent on all other goods and services.

If Berlin agrees to the increase, it would bring them in line with the rest of the EU when it comes to taxation on artwork.

Flash Art reports that the current low rate, curiously, does not apply to photography or video works.

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Tags: germany