An Update on Taxes - Yachts International

An Update on Taxes

It seems as though tax regulations and laws are being added, changed, or repealed all over the world this year. Here are a few things you may want to note before you plan your next cruise.
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It seems as though tax regulations and laws are being added, changed, or repealed all over the world this year. Here are a couple of things you may want to note before you plan your next cruise.

LegalIssues

In Spain, the Matriculation Tax has been repealed. According to Norma Trease, Director of Salamanca Marine, who works often with Marina Port Vell, “All of us… are thrilled to hear the news about the Matriculation Tax being repealed, and hope it will be implemented soon. Spain has proved itself a leader in recognizing the vital importance and beneficial financial impact that yachting brings to the country. This will have a dramatically positive effect on the entire nautical community in the islands as well as the mainland and create many new jobs; the officials should be saluted for their forward-thinking vision.”

In addition to the developments in Spain, there is also an answer to the question of the VAT in France. In a notice released by Ayuk Ntuiabane, Director of Moore Stephens Consulting Limited, VAT on charters beginning from a French port became a reality as of last week, on July 15, 2013. “The impact of this change will now require yacht owners to register for VAT in France in order to correctly declare the chartering activity and pay the related VAT to the authorities. It is now vital that assessment of charter activity is obtained by qualified VAT advisors in order to determine the current status and impact of this legislative change,” Ntuiabane says. What this will mean for the charter and luxury yachting industry within France remains to be seen.

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