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.
For any additional info or clarification please contact us to info@yachtwelfare.it.
Following
to our news released on 19th December 2019 (see here for more info: www.yachtwelfare.it/vatreduction) this past 25th May 2020
the Italian Revenue Office (Agenzia Delle Entrate) has finally put under Public
Consultation a draft concerning the provisions for the application of the VAT
reduction on Italian charters, according to the EU’s articles 56 and 59 of the
EU VAT Directive 2006/112/CE.
The most
credited method to calculate the actual VAT due would seem to be a pro-rata
reduction based on the cruising outside the European territorial waters,
according to the real time or to the actual cruising miles spent at “high sea”
(international waters), in accordance to the hereinbefore mentioned article
59-a.
Therefore,
the main focus is to find and agree the list of papers, equipment and methods
to determine the actual use of the yacht outside the EU territorial waters and
so the exact VAT due in Italy.
After this
date, finally, the new law will come into force only from its official
publication.
This also
means that any charter signed before the official publication of the new law
will be subject to the old legislation (e.g. 6.6% flat-rate reductions on
Charter Fee).
Anyway
there’s still the chance that the Italian Minister will decide to follow in the
footsteps of the French Finance Minister and so to suspend until 2021 the
implementation of the new regulation in order to revitalise the yachting
industry, especially after the recent situation of COVID-19 pandemic.
We will let
you know about the progress of this long-awaited decisions as soon as possible.
Stay tuned
with us in the forthcoming weeks to know and assess the developments.
For any additional info or clarifications required please email us to info@yachtwelfare.it.
Italy is sailing again! With his last DPCM (Decree of the
President of the Council of Ministers) released on May 16th 2020 the
Italian Prime Minister expressly authorised the possibility to sail in Italy within
the region of residence. This rule will last until 2nd June.
As of June
3rd 2020 the regional limit will fall and it will be possible to freely
sail around all the Italian coasts.
Also – not
less important – from this date June 3rd) the Italian Government
will reopen the borders to all EU citizens without the need to spend quarantine
periods.
This is the
clear sign that the Mediterranean summer 2020 is finally started.
The charter
sector has received the go-ahead for the measures to be taken for the
resumption of the charter activity.
These
measures consist in very simple procedures, most of which are now widely known
to everyone.
Firstly it
has been confirmed that a COVID-19 test will be required for the charter’s
permanent crews, who will need to deal with many different guests, especially
on large yachts.
Secondly the
Ministry has pointed out that in pleasure yachting the individual
responsibility is the essential element in making social distancing measures
effective, therefore:
a. interpersonal distance of at least one meter
b. avoiding close contact
c. proper sanitization of spaces
d. nose and mouth protection for passengers
We must
make it clear that the rules published by the Ministry regard pleasure
yachting, chartering, renting as well as the management of ports and marinas.
Below you will find the key points to respect when sailing in Italian waters.
PRIVATE
/ PLEASURE YACHTS
The primary
measure remains the “social distancing”. As you all know this means
that persons need to stay at least one metre from each other, unless they are
part of the same family or live together.
Even the relatives, if not living together, must respect the social distance of one person for each linear metre of the boat. The provision of personal protective equipment for passengers and the use of surface sanitizer are also mandatory.
COMMERCIAL
/ CHARTER YACHTS
The same
preventive rules for private vessels apply to yachts engaged in charter
activities. Only persons living in the same family are allowed to stay together
in the same cabin.
The owner
is required to sanitize all the yacht’s areas, including the engine room and
services. Owners are also obliged to provide adequate supplies of sanitizing
products as well as information signs, written in several languages, to make
the charterer and his guests aware of the necessary social and hygienic
measures to take.
Certain
specific measures must be adopted by the crew; let’s see which ones.
Firstly
crews have the obligation to use masks and gloves and any other protective
equipment depending on the type of the boat and the particular circumstance, for
instance during mooring, unmooring, bunkering and towing operations.
Also crews
– being called in some cases to carry out first aid actions (as in the case of
the Captain for whom the elementary first aid course and BLS is compulsory) – there
should be the obligation to undergo a preventive (before boarding the yacht)
and periodical first aid test at COVID-19, the result of which must be duly kept
on board.
Further for
each member of the crew is mandatory the measurement of the temperature on a daily
basis.
The crew
must also implement the prevention of unauthorized access to the ship to
strangers, while in port or at sea.
Those who
generally live in the same house are allowed to share accommodation in the same
cabin.
What about
guests?
Also for guests the general rules on social distancing and interpersonal prevention measures apply (i.e. one person per meter of the linear length of the boat, including crew members, unless the guests live together).
TOURIST
PORTS AND MARINAS
The managers of Italian marinas must provide their ports with special information signs, written both in Italian and English language, on the measures of conduct to respect, the use of personal protective equipment (PPE/DPI), the installation of sanitizing dispensers on the docks, the limitation of movements, bans on gatherings and the respect for social distancing.
NAVIGATION
AND SYSTEM RULES
It is
mandatory to comply with the regulations for travel within the Region and
between Regions and the respect of international anti-contagion laws during
navigation outside national territorial waters.
As this is changing for the better day-by-day we strongly recommend all of you to stay tuned to our website www.yachtwelfare.it/news to know the latest updates.
WHAT
ABOUT VAT?
For what is
concerned to the VAT due on Italian charters, UCINA (Confindustria Nautica, the
Italian Marine Industry Association) is still dealing with the Italian
Authorities to postpone the application of the new law (see here for more info www.yachtwelfare.it/somegoodnews). Everything leads to the hope that
Italy will quickly join the decision taken in France, repealing the provisions
contained in the new law and giving continuity to the old flat rate reduction
percentages scheme (i.e. taxation at 22% on 30% of the agreed Charter Fee for
yachts over 24 metres, equal to the “quick” rate of 6.6%) in order to
guaranteeing “certainty” for operators in the yachting sector,
especially now that they have just started their activity again after this
extraordinary situation and encouraging yachts to come to the Mediterranean for
the charter season.
Please
know that the old legislation (flat-rate reductions on Charter Fee) will still be effective
in Italy until the publication by the Italian Tax Office of appropriate
provisions containing the clear list of methods and means suitable to
demonstrate the effective use of the service outside the European Union.
we would like to inform
you that, unlike in many other
Countries of the Med which temporarily stopped the marine traffic, the
ports in Italy and specifically Sanremo and Genoa are operational and
open for technical calls (calls for tourism reasons are not currently
allowed) and that we can assist any yachts wishing to
call at Sanremo and Genoa with all the necessary formalities and authorizations.
Please find here below an overview on the procedures required a list of the
necessary documents to be allowed to call here.
ARRIVING IN ITALY
To be allowed to call at Sanremo
and Genoa, every yacht needs to apply maximum 24 hours before the yacht’s
arrival through a registered agent for the Libera Pratica Sanitaria (Free
Health Practique) to the Health Maritime Office by filling in the “Declaration
of Health”, a document containing the yacht’s details and some general
information about the overall health status of the crew (which you can require
emailing us to eva@mansuetomarine.it). Along with that, the Authorities need also copy of
the below listed papers:
1) Yacht Certificate of
Registry
2) insurance
3) crew list
4) a list showing the yacht’s
last 10 ports of call
5) copy of the departure
clearances from the last one
6) a declaration on letterhead
signed by the Captain and stamped with the yacht’s stamp, stating the following
information:
a. Reason of the call
b. Address where the crew members will spend their 14 days isolation period
(the yacht’s name and berth are valid and enough)
c. Confirmation that no crew member had flu symptoms or fever for at least 14
days before the yacht’s arrival and possibly a report of every crew member’s
daily temperature during the last 14 days before the yacht’s arrival.
Please be informed
that, once arrived, all yachts and crews will have to enter a 14 days
isolation period (from which the sailing days from the last port are deducted).
CREW MOVEMENTS
Any crew movements is
currently subject to the Immigration Police and the Health Maritime Office
approvals; in order have the embarkation or disembarkation of a crew member
authorized, we need to provide them with the following information and
documents:
EMBARKING CREW MEMBERS
1. As for anybody else entering Italy from abroad, a self-declaration (modulo
rientro da Italia, please feel absolutely free to require a copy of it emailing
to eva@mansuetomarine.it) showing the
address where the 14 days isolation period will be spent and how they will
reach it (once again, the yacht’s name and berth are valid and enough)*
2. Copy of the crew member’s passport
3. Copy of the crew member’s contract of employment*
DISEMBARKING CREW MEMBERS
1. The reason of the movement (only repatriation and hospitalization
reasons are allowed)
2. As requested for the arrival, they need a new declaration, this time signed
also by the disembarking crew member, stating that they did not have any flu
symptoms or fever for at least 14 days before their sign off *
3. A report showing the crew
member’s daily body temperature during the last 14 days before their
disembarkation is strongly recommended.
4. Copy of the crew member’s passport
5. Copy of the crew member’s flight reservation (or travel information if they
leave with a private transfer or vehicle)*
Please note that, the
disembarkation for repatriation is allowed only if the crew member flies home
on the same day, therefore it is strongly suggested to book flights leaving in
the afternoon in order to have enough time to carry out the necessary
procedures.
* documents that the crew
members will have to bring with themselves during the travel in case of check
from the authorities.
Please be informed that all
the above procedure need some advance to be carried out, therefore, we kindly
ask you to provide us with the necessary documents at the earliest opportunity.
GETTING OFF THE BOAT
The
end of the general lockdown decided by the Italian Government to stop the
spread and prevent people from getting the virus is confirmed on Monday April
13th but it will be most probably postponed to the beginning of May. That means
that so far any outwards, inwards or internal movements have to be justified by
a demonstrable reason such as repatriation reasons, working reasons or medical
reasons; such reasons will have to be stated into the auto
dichiarazione form (please require it to eva@mansuetomarine.it) and showed to the authorities in case of checks.
We are
always at your complete disposal for any questions or clarifications.
We
look forward to seeing you all in the Med soon for a sunny 2020 Charter Season!
We have received a press release issued by the French Nautical Federation (FIN). You will find here below for your review an in-house translation.
The press release states that the French government has agreed to postpone the application of the new tax regulation related to charter hire (VAT due on the exact time of navigation in EU waters and the abolition of the 50% lump sum reduction).
This certainly would come as great news to our industry during these difficult times however we are waiting for the official confirmation to be issued from the French government in this regard.
Please find below the translated text from the FIN’s press release:
PRESS RELEASE | 25 March 2020, Paris
Applicable VAT Regime on charter hire: the Federation obtains a postponement of the new measure.
Following constructive contacts with the office of the Minister of the Economy, the FIN informs the professionals in the nautical sector of the suspension of the reform project aimed at modifying the 50% lump sum VAT reduction that applies when navigation outside the territorial waters of the European Union occurs during a charter.
“For several months now, we have been working in close coordination with the Government services on this subject. Until the Covid-19 crisis, we were moving forward on a common position with our Italian counterparts. This work will resume after the health crisis. We have pleaded with the government for the suspension of the measure that should have applied on 1 April. This is a relief today. This decision should be made official in the next few hours,” said Yves Lyon-Caen, President of the FIN
In the light of this the French Finance Minister has cancelled the implementation of the new regulation (see more here) due to the current situation of COVID-19 pandemic.
As the changes made to the conditions for determining the taxable base have been withdrawn, the VAT lump sum reduction (20% on 50% of the charter fee) is still applicable in the case of cruising in international waters (BOI-TVA-CHAMP-20-50-30).
For what is concerned to Italy the UCINA Confindustria Nautica is currently dealing with the Italian Authorities to do take analogous measures and therefore to postpone the application of the new rules in order to keep the old taxation law for all Charters to execute during season 2020 (taxation at 22% on 30% of the agreed Charter Fee).
MYBA 2020 officially cancelled. Please find below an extract from the Official Communication sent by MYBA Board today and our quick view about chartering on 2020 in the Med.
“Further to our communiqué dated 5 March regarding the MYBA Charter Show, we would like to inform you that the MYBA Board held a conference call yesterday to further discuss the holding of the MYBA Charter Show in Barcelona in the current environment. The Covid-19 virus situation has evolved rapidly over the last few days and, unfortunately, developments have not been favourable. The Board therefore finds itself in a Force Majeure situation vis-à-vis its contractual obligations and considers it is best not to proceed in these unprecedented circumstances. This is undoubtedly very disappointing news, however, taking into consideration the information that is currently available and the health of our Members and all Show participants being one of MYBA’s key priorities, it is not possible to ensure the Show is organised in the safe and productive environment that we are recognised for by the superyacht industry. The MYBA Charter Show team will be sending further details to those who have already registered and working to minimise any inconvenience caused by this unfortunate development. Thank you for your patience while we were assessing the situation and we look forward to a great Show in 2021. Kind regards MYBA Board“
Well, let’s take the opportunity to make a quick summary and cast some light on what is happening in Europe and around the Mediterranean coasts. We all know that the situation of Coronavirus Disease 2019 (COVID-19) wreaked havoc on our lives. Right after China, Europe faced its first major outbreak as the number of reported cases in Italy grew from fewer to thousands in just few days. Officials locked down all the Italian Regions after a cluster of cases emerged in several towns located at the very North of Italy (nearby Milan). As a result, schools closed and sporting and cultural events were canceled. France did the same after just few weeks and schools and universities were closed on 9th March. Spain will do the same too starting by 16th March.
So all the EU countries are really dealing with this matter with every effort, conscientiously, strategically and supportively. We are confident that we will get through it very soon. In Italy we have this special figure of speech for situations like this “chi ben comincia, è a metà dell’opera” which the English know as “the first blow is half the battle“.
This is to say that the virus is spreading rapidly and the Mediterranean countries will surely get out of this nightmare before any other country around the world where the virus is starting to spread right now or has not started yet. Actually Italy is already half way and even further!
This should be a reason for all the yachting industry to feel encouraged to come to the Mediterranean for the summer season.
We really look forward to seeing our warm seas and cozy ports plenty of yachts during the summer.
We remain at your disposal for any possible clarification and please keep sending your inquiries to info@yachtwelfare.it
The 2019 edition of the Yacht Welfare VAT Guide is finally released. You can ask your copy by sending an email to info@yachtwelfare.it. Our Team of Lawyers and Fiscal Advisors is always available to assist you during your Charter Season in the Mediterranean Sea.
The French Customs Office has released important
dispositions and clarifications about yachts engaged in commercial and
transport activities (e.g. charter).
25% DUTY TO APPLY TO US BUILT BOATS
The French Customs Office confirms that every US
built boat having commercial registration and officially imported in European
Community before the 22nd of June 2018 will be exempt from the
payment of the 25% customs duty on the boat’s return in Europe if all the
standard import formalities will be executed (the same formalities and
practices arranged before the 25% rule).
The same principle applies for boats exported from
EU before the same date (Export Declaration is required. In absence of this Declaration
an alternative proof of exportation has to be provided).
All the boats having completed the import back to
the European Community can benefit from FCE/ICE (French Commercial Exemption /
Italian Commercial Exemption) advantages according to the +70% rule.
If the boat has been imported under the FCE/ICE
regime in 2018, it is still required to provide the proofs attesting its
qualifications to take advantage of the same benefits (+70% international
voyages).
Therefore, we confirm that any and all US built
boats falling within the below listed cases:
1. never imported
before the 22nd of June 2018, or
2. imported
before the same date but having changed the Owning Company (sold/purchased)
are subject to the
application of the 25% customs duty.
CHARTER UNDER TEMPORARY ADMISSION STATUS
Besides, all US built boats never imported before
the 22nd of June 2018 will have the possibility to perform
commercial activities (Charter) under Temporary Admission status, whether the
boat is registered as commercial or private (in the latter case only if the
Flag Registry admits this condition).
However, there are specific restrictions to the
above frame:
a. the
impossibility to have EU resident Charterers
b. at present
not all the EU Members States still permit a boat under Temporary Admission to
execute commercial activities (Charter).
In regards to non US built boats (EU or non-EU) registered
as commercial and to coming to Europe to execute commercial activities
(Charter), which are under “Import Status”, the FCE/ICE benefits apply to all
those non-EU boats (as well as to some EU boats in specific cases: more info
will follow) intending to execute commercial activities (Charter). This is
the only case in which the Charterer can be a EU resident.
Concerning the non-EU boats which will not be
imported (both Commercial and Private registered), they will only have the
possibility to execute Charters under the regime of Temporary Admission and
will not be entitled to charter to EU resident subjects.
As far as is concerned to side boats
(chase-boats/tenders) having own registration and which are employed to attend
the mother ship (main vessel), we are still waiting for the necessary
clarifications by the Customs about the possibility to charter said chase boats
to EU residents.
All the hereby listed rules and information provided
might be subject to variations by the Customs Office.
Therefore please always contact us to know if something
has been changed, integrated or just updated.
For any additional info or clarifications required
please email us to info@yachtwelfare.it
You can download the complete version of this news below:
The new Italian VAT Guide for 2018 is now online.
Please feel free to download it here or below.
Stay tuned and make sure to comply with the rules.
We remain always at your disposal for any sort of clarifications.
Any need please email us to info@yachtwelfare.it.
According to Shipping Notice 03/2017 released on 19st December 2017 by the Maritime Authority of the Cayman Islands, pleasure yachts registered in the Cayman Islands are now finally allowed to obtain Yacht Engaged in Trade Certification (YET). This certification includes a Yacht Engaged in Trade Certificate of Compliance (YET COC) and temporary Certificate(s) of British Registry for a Yacht Engaged in Trade (temp COBR YET) enabling the yacht to charter up to 84 days per calendar year in European (EU) waters. Please find hereby a quick summary of what the YET programme is:
A YET can be defined as a yacht of 24 metres or more in load line length, holding a valid Certificate of Class, which is voluntary compliant with all applicable commercial standards and regulations; which has obtained and maintains a Yacht Engaged in Trade Certificate of Compliance, allowing the yacht to obtain temporary Certificate(s) for a Yacht Engaged in Trade, and therefore to engaging in up to 84 days of charter per calendar year with no more than 12 passengers.
The main benefit of the program is flexibility; owners do not have to choose anymore between purely private or commercial registration. Owners can now use their yacht privately whilst being able to offset some of the running costs by offering their yacht for charter. Unlike commercially registered vessels, owners need not sign a charter agreement nor pay VAT on their own use. Unlike yachts operating under the switching regime, there is no need as well for switching between pleasure and commercial registration every time yachts change their mode of operation and use, nor to proceed with export/import formalities, leave the EU and visit a third country port each time yachts switch between pleasure and commercial use.
To be eligible to register as YETs, a yacht must either be in possession of a Value Added Tax [VAT] paid certificate or other document proving that the yacht has a VAT paid status; or operate in EU waters under the Temporary Admission [TA] regime in accordance with EU regulations meaning the yacht can enter and stay in EU waters for a period of up to 18 months without being liable to pay VAT on the hull. This second option is only available for yachts ultimately owned by non-EU residents and owned by non-EU Companies.
Pleasure yachts in possession of a valid Yacht Engaged in Trade Certificate of Compliance (YET COC) should expect to be inspected and audited as commercial yachts. Furthermore, private yachts operating under temporary Certificate(s) for a Yacht Engaged in Trade (and not only under private certificate of registration) shall be subject to inspection and control measures under the Paris Memorandum of Understanding.
For the time being pleasure yachts which are operating under a temporary YET certificate can only start their charters in Monaco, France and in Italy under certain conditions.
Please find below a quick summary of the most important points about YET:
PURPOSE
The purpose of this Shipping Notice is to define the procedure to be followed for a Pleasure yacht registered in the Cayman Islands to obtain Yacht Engaged in Trade certification.
APPLICABILITY
This Shipping Notice is applicable to all Cayman Islands registered pleasure yachts that seek to charter in EU waters, which have a VAT paid status or operate under Temporary Admission regime in EU waters.
This Shipping Notice also sets out the technical requirements necessary to qualify as a Yacht Engage in Trade.
CAYMAN ISLANDS – MEANS OF REGISTRATION
At the present, the Cayman Island Shipping Registry offer yachts two means of registration:
full registration ‘pleasure’ and
full registration ‘commercial’
The Yacht Engaged in Trade (YET) program has been developed as a new dual use operation program to offer a third means of registration for commercially compliant yachts. This is to allow owners the flexibility they require to operate their yacht privately with the option to charter their yacht for up to 84 days per year while taking into account EU VAT and Port State Control requirements.
Yachts meeting the requirements of this Shipping Notice will be issued with:
a Cayman Islands Yacht Engaged in Trade Certificate of Compliance (YET COC) and
temporary Certificate(s) of British Registry for a Yacht Engaged in Trade (temp COBR YET) covering the charter periods or periods of commercial promotion. These certificates authorize yachts to charter for up to 84 days per calendar year in European (EU) waters.
Yachts wishing to engage in trade activities are required to be in compliance with:
the Merchant Shipping (Vessels in Commercial Use for Sport & Pleasure) Regulations, 2002;
the applicable sections of the Large Yacht Code;
this Shipping Notice; and
all other applicable and international requirements.
ADVANTAGES APPLICABLE TO YACHTS ENGAGED IN TRADE (YET)
Ultimate Beneficial Owners can privately use their yacht without losing the option to charter the yacht on an occasional basis to offset the annual running costs
Eliminates the need for switching between pleasure and commercial registration every time the yacht is to change its mode of operation and use
Eliminates the need to proceed to export/import formalities and the need to leave the EU and visit a third country post each time the yacht is to switch between pleasure and commercial use
Ultimate Beneficial Owners do not need to sign a charter agreement when using their own yacht on a private basis
Ultimate Beneficial Owners do not need to pay VAT on their own use
No risk of substantial penalties for extensive pleasure use
VAT Exemption is available on works for non-VAT paid yachts (inward processing relief regime)
The 18-month Temporary Admission allowance period is paused each time the yacht is used as a Yacht Engaged in Trade (YET) and placed under Temporary Admission for Commercial Activity (TACA YET)
ELIGIBILITY FOR A YACHT ENGAGED IN TRADE (YET)
The yacht must be 24 metres or more in length
The yacht must be in possession of a Cayman Islands Pleasure Certificate of British Registry (Pleasure COBR)
The yacht must successfully undergo an initial Compliance Verification survey in accordance with section 6 of this Shipping Notice
The yacht must comply fully with the requirements of the relevant chapters of the Large Yacht Code
The yacht must be classed by a Classification Society recognised by the Administration
The yacht must operate in full commercial compliance at all times, whether engaged in trade or not; including full commercial compliance with all applicable national requirements and international Conventions’
Yachts with a gross tonnage of less than 500, shall implement a Safety Management System as per the requirements of the Large Yacht Code. There is no requirement for a yacht under 500 gross tonnage to engage the services of a shore based company or Designated Person Ashore.
The yacht must have a documented planned maintenance system for all identified critical equipment
The yacht must hold a valid International Load Line Certificate issued in accordance with the Large Yacht Code for at least a short-range yacht
The yacht must be issued with a Cayman Islands Yacht Engaged in Trade Certificate of Compliance (YET COC) and temporary Certificate(s) of British Registry for a Yacht Engaged in Trade (temp COBR YET) covering the charter periods or periods of commercial promotion
LIMITATIONS APPLICABLE TO YACHTS ENGANGED IN TRADE (YET)
Whilst engaged in trade and operating under a temporary Certificate of British Registry as a Yacht Engaged in Trade (temp COBR YET), yachts are subject to any operational limitation included in the Yacht Engaged in Trade Certificate of Compliance (YET COC)
Commercial operations / charters are limited to a maximum of 84 days per calendar year
A maximum of 12 passengers may be carried
Charters are currently limited to Monaco and French waters
Owner’s pleasure use is not allowed during the period of validity of the temporary Certificate(s) of British Registry for a Yacht Engaged in Trade (temp COBR YET)
A signed Master’s Limited Trade Declaration for a Yacht Engaged in Trade (YET) shall be made and retained for inspection on board
Yachts certified as Yachts Engaged in Trade are not entitled to apply for any VAT exemptions on fuel or supplies
APPLICATION PROCEDURE FOR YACHT ENGAGED IN TRADE (YET) CERTIFICATION
The registered owner of the yacht must submit registration application form and complete the applicable ‘Yacht Engaged in Trade’ (YET) declaration in section 5 of the registered form
The yacht owner, manager or representative shall submit all applicable documentation to the Administration for Pre-Registration Vetting
If not already in possession of a Large Yacht Code Compliance Certificate, the yacht must successfully undergo an initial Compliance Verification survey in accordance with section 7 of this Shipping Notice upon which a Yacht Engaged in Trade Certificate of Compliance (YET COC) shall be issued
The yacht owner shall arrange for EU customs formalities to be addressed by the Customs Broker in the name of the Importer/Exporter
The yacht must either:
Be in possession of a Value Added Tax (VAT) paid certificate or other document proving that the yacht has a VAT paid status; or
Operate in EU waters under the Temporary Admission (TA) regime in accordance with EU regulations which allows the yacht to enter and stay in EU waters for a period of up to 18 months without being liable to pay VAT on the full. This option is only available to yachts ultimately owned by non-EU residents and owned by non-EU Companies.
Note: a Customs Broker is only required to carry out customs formalities on behalf of the Importer/Exporter for yachts operating under Temporary Admission (TA).
The procedure includes:
The yacht being placed under Temporary Admission (TA) followed by Temporary Admission for Commercial Activity for a Yacht Engaged in Trade (TACA YET);
Issuance of the relevant oral declaration for the placement of the yacht under Temporary Admission (TA);
Issuance of the relevant import/export forms to provide clearance in and out for the yacht from the Temporary Admission for Commercial Activity for a Yacht Engaged in Trade (TACA YET) regime, during the period trade activities are undertaken.
At the end of the charter or period of commercial promotion, the Importer/Exporter shall remove the yacht from the Temporary Admission for Commercial Activity for a Yacht Engaged in Trade (TACA YET) regime.
Part of the hereby provided info has been provided by other site. More info will follow soon. Please stay tuned and always email to info@yachtwelfare.it to know more about new laws and rules applying in the Med.
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