Federagenti aggressively advocating review of new Italian yacht tax law

A 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 (marinas, shipyards, technical suppliers, tourism etc.)

While Federagenti supports the current Italian government’s new policies, it maintains that a careful review of the aspects of the new taxation related directly to the yachting industry must happen immediately and is lobbying heavily to ensure that this takes place before the law goes into effect on May 1, 2012.

It is requesting that the government make careful consideration of the important economic impact that the new taxation will have on the yachting industry and in turn how it will affect the Italian economy and the industries which support yachting in the country including marinas, fuel brokers, technical repair specialists, shipyards, provisioning companies and tourism.

The new tax as outlined in the decree recently signed is as follows:
a) 5 Euro per day for vessels from 10,01 to 12 meters
b) 8 Euro per day for vessels from 12,01 to 14 meters
c) 10 Euro per day for vessels from 14,01 to 17 meters
d) 30 Euro per day for vessels from 17,01 to 24 meters
e) 90 Euro per day for vessels from 24,01 to 34 meters
f) 207 Euro per day for vessels from 34,01 to 44 meters
g) 372 Euro per day for vessels from 44,01 to 54 meters
h) 521 Euro per day for vessels from 54,01 to 64 meters
i) 703 Euro per day for vessels over 64 meters.

There are several exceptions to the above amounts as follows:
1. Vessels in dry dock or hauled out of the water are exempt from the daily fee
2. For vessels older than 5, 10 or 15 years the tax is reduced by 15%, 30% and 45% respectively.
3. All sailing yachts’ fees are reduced by 50%.

Federagenti along with other yachting associations is suggesting the following modifications to the law as follows:
- To apply the tax based on ownership and not on days in Italian waters
- To limit the tax to Italian flagged vessels only;
- To exclude charter vessels.

Federagenti is working to promote the professionalism and recognition of its member companies and is striving to protect and promote nautical tourism in Italy, a strategic and important aspect of the Italian economy.

Federagenti Yacht
[email protected]
www.federagenti.it

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