Two congressmen reintroduced a bill that would prevent boat owners from writing off mortgage interest payments if they classify boats as second homes.
Will yacht charter clients be forced to pay Value Added Tax (VAT) this summer on the Côte d’Azur? If yes, then how much will the VAT be? We asked Claude Niek, CEO of Cannes-based CSO Yachts and a member of the Mediterranean Yacht Brokers Association (MYBA) Tax Committee to give us his best guess before a decision comes (all hope) in time for the charter season.
For the rare uninitiated, VAT is Value Added Tax. For the past few years, more and more countries facing a shortage of revenue have put charter yachts under a microscope as potential sources of additional funds and began collecting VAT on charter fees.
When traveling internationally, or even if you're staying close to home, it can be a chore to keep track of the ever-changing laws and taxes surrounding recreational boating. Here are some recent developments you may need to know about before making your next purchase or planning your next cruise.