Assomusica, the association of Italian concert promoters, has hailed the impending reduction in VAT rates for the sector.
VAT for concert professionals will be reduced to 10 per cent under Italy’s newly-approved 2018 budget law, which recognises the “new reality” of the industry.
The 10-per-cent VAT rate is already applied to “related services provided by intermediaries”, such as production and suppliers, in the live entertainment industry.
The VAT rate across most other industries in Italy is 22 per cent.
“We welcome this measure, which we have expected since 2007, absolutely,” Assomusica president Vincenzo Spera told IQ Mag.
“We worked with parliamentarians and ministers to come to this conclusion [and] thank the government for adopting this law, and all those who have worked for us.
“Many years ago, live entertainment was different to what we have today. In the past there was a singer in a theatre, where there was already an artistic director and stage design. Today is different: today, concerts are performances that travel all over, with lighting, production designers, directors, sound engineers, everything that comes with the artist.
“It was necessary to bring the discourse up to date and to align VAT with live performance as a whole.”