A new law in Greece, recently voted on and accepted and soon to be implemented, means all vessels over 7m used for leisure purposes, including commercial and charter vessels, in Greece will now have to pay tax of up to €400 per year. This is according to the Cruising Association (CA).

Vessels between 7m and 12m in length will be required to pay between €200 and €400 a year to sail in Greek waters. The charge for vessels over 12m will be €100 per metre per year. There may be discounts for anyone wishing to pay for longer periods in one go, the details of which are yet to be confirmed.

The tax will possibly be payable on entry to Greek waters and may only be valid for that calendar year.

This new tax regime is expected to take place … Read More »

On Friday 28th June, shortly after the French announcement of the imposition of VAT on charters signed up on or after the 15 July 2013, the Spanish Authorities announced that they were removing the imposition of the infamous Matriculation Tax for commercial yachts over 15 meters length overall. Spanish Matriculation Tax Notice

Like many announcements of this nature, the devil is in the detail, but, subject to the VAT treatment of such charters in Spain, we could finally be seeing Spain being put on an equal footing with France and Italy and become an attractive venue for chartering yachts.

As with the recent announcement made in France, we shall continue to monitor developments and be proactive in making appropriate arrangements for our clients affected by the same.

On 25th June, the French Authorities announced that as from 15th July 2013 all yacht charters signed or commencing on or after that date will be subject to French Value Added Tax on the cost of the same.

Arrangements for the collection of the VAT and payment to the French Authorities are now having to be considered. There are a number of agencies who have contacted us with a view to offering their expertise in providing this service.

It has been known for some time that the French Authorities would have to impose VAT on yacht charters following the Bacino case but the manner in which this would be carried out and the timescale was uncertain until this week.

The authorities are expected to provide further information with regard to the practical issues involved with the collection and payment of the VAT … Read More »