Tax free deliveries of consumable goods on superyachts
Friday, 18 May 2012With increasing pressure on governments to raise revenue, ever-changing rules, and differences in tax regulations for (especially) alcohol in relation to other products, Riviera Yacht Support clarifies some fundamental rules regarding the delivery of tax free goods to yachts in the EU. To purchase goods, including alcohol and provisions, tax free, the local Customs Office needs to be satisfied that the goods are to be exported, and consumed outside the EU. Read More
Cyprus lowers VAT for Yacht Leasing Scheme
Friday, 18 May 2012The Cyprus VAT Service has launched new guidelines on VAT payments applicable under the Yacht Leasing Scheme. As a result, effective VAT rates can be reduced to as little as 3.4% of the initial value of a yacht - less than the equivalent in other favoured jurisdictions, including Malta. Under the Scheme, a Cypriot company can purchase a pleasure yacht and enter into a lease-sale agreement for the yacht with a third-party lessee. Read More
SYS successful in obtaining reimbursements to the Sardinia “luxury tax”
Tuesday, 8 May 2012Sardinia Yacht Services (SYS), part of the Luise Group and Associate Partner of BWA Yachting, has announced that after arduous and challenging negotiations carried out on behalf of their clients, that they have been successful in obtaining reimbursements to the Sardinia “luxury tax” as it was more informally known (regional law N. 4/2006) which were charged to superyachts in 2006, 2007 and 2008. Read More
Getting yacht importation right is worth the effort
Friday, 4 May 2012
During the recent MYBA yacht show in Genova, Italy, a non EU yacht was boarded by Italian Customs, suspecting it to be there under temporary admission. After three days of scrutinising documents and asking questions, the customs authorities were happy that it had been formally imported and was free to circulate in EU waters. Read More
Federagenti on final approval of amendment on yachting in Italy
Friday, 6 April 2012After the approval of the Senato della Repubblica, the House of Representatives voted the "Decreto Liberalizzazioni" which includes the Grillo and Cutrufo amendment for yachting. This amendment stipulates that the berthing tax will only be applied to Italian citizens who possess a vessel, regardless of whether it is kept in Italy, or overseas, even if it has a foreign flag. Read More
Federagenti expresses satisfaction for amendment to Italian berth tax
Friday, 2 March 2012Fulvio Luise, President of Federagenti Yacht (Italian Ship Agents) Division, expressed satisfaction today at the passing of the Grillo and Cutrufo amendment to the Italian berth tax legislation passed in late December 2011 which was to go into effect May 1st 2012. The amendment stipulates that the berthing tax will only be applied to Italian citizens who possess a vessel even if it has a foreign flag. Read More
Breaking news regarding the Italian yacht tax
Wednesday, 29 February 2012BWA Yachting informs us they have learned that in Italy today, an amendment was passed that modifies the recent “Berthing Tax” law that have had many in our industry worried. It is understood that only Italian flagged vessels will be required to pay this tax and therefore all non-Italian flagged vessels will be exempt. Read More
Federagenti aggressively advocating review of new Italian yacht tax law
Wednesday, 4 January 2012A new Italian yacht tax was signed into law on December 22, 2011 and will go into effect on May 1, 2012. Federagenti, the Italian organization which represents over 50 companies involved in the mega yacht industry, as yacht agents and service providers, is aggressively advocating for an immediate review of the law along with various prominent yachting associations who together represent all aspects of the yachting industry in Italy. Read More
iYachting Services launches a unique solution to the new European VAT
Thursday, 22 September 2011The new European VAT Directive (VAT Package for B2B, since 01/01/2010) regarding luxury yachts and charter activities is creating a lot of added worries and red tape. In concrete terms, the new European VAT Directive means that, in the case of private use, VAT must be paid in the country from which the luxury yacht leaves. A large number of EU countries are imposing strict checks on the payment of VAT when luxury yachts are used for private purposes. Read More
Moore Stephens to present views on current VAT issues in Monaco
Tuesday, 13 September 2011
Ayuk Ntuiabane, director of Moore Stephens Yachting will present the firms views on current VAT issues relating to superyachts and their owners at the 4th Annual Superyacht Finance Forum on Tuesday 20th September, the eve of the 21st Monaco Yacht Show. Hosted by Marine Money International the forum has become a “must attend”. Read More
The Maritime Labour Convention 2006 – the good, the bad and the ugly
Friday, 24 June 2011Much has been written about the Maritime Labour Convention (“MLC”) for the past year when the Yachting industry started to raise concerns about the impact of the convention on yachting. The Convention is due to come into force in the coming year or so and yacht owners are extremely concerned that this will restrain their yachting experience. Unfortunately, as it stands the yachting industry will suffer some impact from the convention. Read More
Yachting in Spain given hope in regional elections
Tuesday, 31 May 2011Following the well publicised 'Hoot for Yachting' protest orchestrated by all the yachting and water sports associations in The Balearics, the industry has been given a boost by the results of the Spanish regional elections, which took place on Sunday the 22nd May. The centre right Partido Popular, (PP) won a resounding victory in the islands taking control of every level of local government and ousting the fragile coalition of leftist, green and nationalist parties that have held power for four years. Read More
Spanish nautical industry’s matriculation tax protest update
Tuesday, 3 May 2011
At the Palma International Boat Show in Mallorca, the planned protest by all sectors of the Spanish and Balearic yachting / water sports industry reached a momentous level of volume at exactly 12:00 noon, on each day over the May bank holiday weekend. Professional captains were all really keen to join the the matriculation tax protest. Read More
Spanish nautical industry to protest on the 12% matriculation tax
Friday, 29 April 2011A group of yachtsmen and nautical business owners, together with private and professional boat captains including recreational sea fisherman, are determined to express their disappointment with the local and national authorities in Spain and The Balearic Islands in regards to the matriculation tax, in a passionate and very practical way. Read More
Advisory information from the Yacht Charter Association for The Balearics
Monday, 5 July 2010Against the background of wide global press coverage regarding fiscal / tax problems for boat owners and charterers in the Balearics just recently, the leading charter management companies on the islands which are amalgamated under the Balearic Nautical Business Association (AENB) have issued the following information. Read More
Florida boat sales tax cap goes into effect on July 1, 2010
Friday, 4 June 2010In what amounts to a major victory for Florida’s struggling marine industry, a measure limiting the sales-use tax on boat purchases now is poised to become law. Florida Governor Charlie Crist signed the larger Jobs for Florida Bill, CS/SB-1752, which contains the Florida Boat Sales-Use Tax Cap legislation on May 28, 2010. Read More
New rules for harbour master formalities in Italy
Thursday, 3 June 2010As a result of the intensive collaboration activity with Federagenti (The Association of Italian Shipping Agents) on the 18th May 2010, the General Management for Sea Freight Transport of the Ministry of Transport has informed the Italian Harbour Master’s Office in Rome of the new procedure about the Harbour Master’s formalities regarding arrival and departure of Italian, European and Non-European commercial yachts or pleasure vessels. Read More
The Italian Job – the Financial Police get tough on Yacht Owners
Wednesday, 2 June 2010
Quentin Bargate, Senior Partner of the City law firm Bargate Murray and head of the Superyacht Group comments on the recent seizure of superyacht Force Blue and how yacht owners and managers can protect themselves Italy and superyachts seem to mix less well than oil from a leaking BP platform and water at the moment. Read More
Superyacht Force Blue Seized by Italian Customs
Monday, 24 May 2010Force Blue was seized by Italian Customs Officers early on Friday morning in La Spezia. Officers from the Guardia Di Finanza took control of the vessel with the authority of a local prosecutor. The claims made against the vessel’s owners, state that there is outstanding VAT owing which should have been paid on fuel used. Read More
Boat sales tax cap passes Florida state legislature
Monday, 17 May 2010The Boat Sales Tax Cap passed the Florida State Legislature as part of the larger Jobs for Florida Bill, CS/SB-1752, on Friday, April 30, 2010 – the last day of the Legislature’s current session. It now moves on to Governor Charlie Crist, who voiced his support for the Florida Jobs Bill. Read More
VAT officer Grant Atchison joins Moore Stephens Yacht Team
Wednesday, 10 October 2007Former VAT and Customs Officer, Grant Atchison has joined Moore Stephens Yachting, part of the Moore Stephens Isle of Man group which includes management consultancy, assurance, trust and company administration and financial services. Read More
Thursday, 11 February 2010
Monday, 1 October 2007
Maritime Arbitration Association added to California Yacht Brokers Association contracts
