VAT reduction

The rate of Value Added Tax (VAT) for Thoroughbred breeding in France has been reduced from 10% to 5.5%, according to a report by Jour de Galop on Tuesday. Furthermore, the tax reduction will be applied retrospectively to Jan. 1, 2023. Loic Malivet, president of the Federation des Eleveurs du Galop (French TBA), said, "This rate of 5.5% is very important because it puts racing back in the agricultural sector, and that's only fair. I thank the minister of Agriculture and the Director of the Horse."