Tag Archives: yachting

Old VAT scheme still in force. Book your Italian Charter now!

Sanremo 5th October 2020

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.

MYBA 2020 Cancelled (COVID19)

Sanremo, 13th March 2020

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

New VAT Guide 2019

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.

25% YES OR NOT?

Sanremo, 14th April 2019

25% YES OR NOT?

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:

YW_News_19_12_04Scarica

Italy VAT Guide 2018

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.

YW VAT Guide Italy 2018

Italy Cancels VAT Rise

Sanremo, 21st December 2017

 

ITALY CANCELS 2018 VAT RISE: VAT STAYS THE SAME

The Italian Council of Ministers has overturned plans and announced the country’s new financial measures for 2018. Italian value-added tax will not rise in 2018, although it is scheduled to increase in 2019 and 2020 asper below listed:

10% VAT will go up by 1.5% in January 2019 and a further 1.5% in 2020.
22% VAT will increase by 2.2% in 2019 and by an additional 0.7% in 2020 and another 0.1% in 2021.
Excise Tax will also go up in 2019.

Any question can be sent to info@yachtwelfare.it.