At a pre-budget announcement during a dinner for Thomson Reuters representatives, Fabian Picardo the Gibraltar Chief Minister announced that the Government will be eliminating import and export duties on the sale of art in all forms from 1 July 2014.
Further to this announcement the Budget Speech was held on 30 June 2014 and was Mr Picardo’s third budget as Chief Minister in which he confirmed that the rate on Art which was previously 12% will be reduced to 0%. Art was not the only item to have significant cuts in duties, other items included LED lighting, writing implements, paper based stationary and musical instruments.
It is hoped that the 0% import and export duties on the sale of art will stimulate the use of Gibraltar for the acquisition and sale of high value works of art.
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