Changes may occur very soon in Europe concerning the current reduced VAT lump sum taxable base on charter contracts.
The EU Commission’s goal is to harmonize rules abolishing the laws currently in place in Italy, France, Malta and Cyprus for the reduction of VAT on the taxable base for charter contracts and apply the general criteria contained in articles 56 and 59a of the EU VAT Directive 2006/112/CE.
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Each November, SOS YACHTING hosts their annual company meeting, a milestone on the growing of our group, to make a point on the season that just ended and making plans for the next one in order to be able to provide more satisfying support to our clients.
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The SOS YACHTING team represented by the operations managers of the Spanish and of the Croatian offices – Alessia Manfredi and Sanja Dujmic - will attend to the Antigua Charter Show from 4th to 9th December.
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SOS Yachting will be in attendance to the 60th edition of FLIBS this year and we are looking forward to meet our American clients, stakeholders and friends.
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SOS Yachting team from Croatia, France, Italy and Spain will be in attendance at the Monaco Yacht Show. If you are there and would like to meet us and talk about VAT representation and tax please contact us on team@sosyachting.com.
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SOS Yachting is proud Corporate Sponsor this year of the 12th edition of the Superyacht Finance Forum by Money Forum on the 24th of September at the Café de Paris.
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The 5th Fiscal meeting will take place on the 24th of September at the prestigious Hotel Hermitage the evening before the start of the Monaco Yacht Show.
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SOS Yachting will be in attendance at the Cannes Yachting Festival between the 10-15 September. If you are there and would like to meet us and talk about VAT representation and tax please contact our Operations Manager Camille Penquerch from our French office on +33 492 004 380 or camille.france@sosyachting.com.
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SOS Yachting Croatia
After introducing different VAT applications in Europe, in 2012 SOS Yachting was launched as a direct response to meet increased demands of the yachting industry to be in line with tax policies in different European countries.
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The Commission this July 25, 2019 has decided as part of the “July Infringement package“ to take further steps on the infringement proceedings opened on November 8th, 2018 regarding certain Italian fiscal rules related to the Yachting sector.
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EU flagged yachts can charter in Spain while non-EU flagged yachts can only charter in the Balearic Islands and, if Red Ensign Registries, also in Barcelona.
You must have a local charter license - Barcelona isn't the same as Balearics, for example.
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The Italian Inland Revenue office (Agenzia delle Entrate) with Circular no. 14 / E of June 17th 2019 confirms that the foreign subjects identified for VAT purposes in Italy through a VAT Representative or by Direct Registration are NOT required to be subject to electronic invoicing.
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1. The yacht has to be in free circulation in Europe (VAT paid, VAT accounted for or imported)
2. The owning company needs a VAT number in place
3. The yacht has to be commercially registered or engaged in trade
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On May 27th, 2019 the General Directorate of Merchant Marine signed Service Instruction number 7/2019 allowing commercial 'passenger yachts’ (able to accommodate more than 12 guests) be used in Spain for recreational purposes, such as charter activity.
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SOS Yachting is pleased to participate and give its support to the international non-for profit organization Young Professionals in Yachting (YPY) dedicated to members under 40 working within the yachting industry for their inaugural event in Split, Croatia between 27th - 30th of June.
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From long, the Spanish National Yachting Association (ANEN) have been complaining on the abundant criteria disparities among the different harbor master offices in order to issue their clearance (misnamed ‘charter license’) for yachts to authorized for charter in Spain, especially foreign flagged yachts.
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