It definitely is the right time to book your Italian Charter for season 2021.
The Italian Agency of Revenue (Agenzia Delle Entrate) never ceases to amaze us. This time positively! This past 30th September the Resolution N. 62/E has been issued and released by Rome.
For all intents and purposes the new Resolution provides that the old VAT scheme (also known as the “6.6% rule”) will still remain applicable to all charter contracts concluded within 31st October 2020.
Please know that Resolution 62/E 2020 applies either to short term contract (Charter) and to long terms contract, leasing contract, rental contract and similar ones.
We need to remind you all that for the Italian law (art. 1326 Civil Code) the contract is concluded in the moment, in which the offeror gains the knowledge of the acceptation by the offeree.
The acceptation must reach the offeror by the time limit set up by himself or by the time usually necessary according to the nature of the contract or according to general use. The offeror can hold effective the late acceptation, if he informs the other party immediately about this decision. If the offeror requests a certain form for the acceptation, the acceptation has no effects if it is set up in another form. An acceptation not corresponding to the offer is a new offer.
An Addendum where new terms and conditions are agreed corresponds to a new contract.
Therefore be careful on later addendums as it all depends by the provisions (e.g. new departure place, etc.) contained into the contract agreement stipulated by the parties and the date when the contract agreement is considered as concluded by the law.
The 2019 edition of the Yacht Welfare VAT Guide is finally released. You can ask your copy by sending an email to firstname.lastname@example.org. Our Team of Lawyers and Fiscal Advisors is always available to assist you during your Charter Season in the Mediterranean Sea.
Companies identified for VAT in Italy by a Fiscal Representative are not
required to be accredited to the SDI – Interchange System (SDI – Sistema di
Interscambio ) for the e-invoicing procedure introduced by the Italian Tax
Authority (Agenzia delle Entrate) starting from January 2019.
Decree N. 119/2018 (art. 15) amends the Italian regulation that introduced the
mandatory electronic invoicing starting from 1st January 2019 (art.
1, para. 6 of Law Decree no. 127/2015) according to Implementing Decision (EU)
2018/593 from 16 April 2018 – which authorized Italy to the widespread use of
electronic invoices – specifying that the obligation applies only to
subjects established within the State (Italy) and not to foreign subjects identified for Italian VAT purposes, but
not residing therein. This amendment implements what had been anticipated by
the tax Agency in its Circular Letter no. 13/2018.
Owning Companies do not have the obligation to issue electronic invoices
means that the actual procedure does not change and each invoice relevant to
VAT due on Charters – having fiscal applicability in Italy – will still need to
be issued in hard copy (paper format).
note that all the paper invoices issued by suppliers will need to contain the
following wording: “copia cartacea della
fattura” (translated: hard copy of the invoice). This will allow the Owning
Company to still be able to deduct the VAT debited by the supplier. A “courtesy-copy”
of the same invoice can be sent by the supplier to the client in digital format
(e.g. pdf file sent by email).