Italy Issues Surprise Call For Reduced VAT On Music
The European music industry received a surprise boost yesterday with a proposal from Italy, the current president of the European Union, that sound recordings be included on a list of products and services with reduced value-added tax (VAT) rates. The proposal will be discussed by EU government representatives
over the next few days. Before Italy's proposal, France had been the only EU country to vocally request that music be included on the list.
EU finance ministers will make a final decision on new VAT rates in December.
"This is a really positive development, and we are heartened after years of effort that the message has finally gotten through," says IFPI European director Frances Moore. "We have managed to get music back on the table as finance ministers go into the final round of negotiations."
VAT on recordings is currently set at 15%-25%, while other cultural goods carry rates as low as 5%.
EU finance ministers will make a final decision on new VAT rates in December.
"This is a really positive development, and we are heartened after years of effort that the message has finally gotten through," says IFPI European director Frances Moore. "We have managed to get music back on the table as finance ministers go into the final round of negotiations."
VAT on recordings is currently set at 15%-25%, while other cultural goods carry rates as low as 5%.
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