19 Oct 2012

LYBrA convenes again to discuss Italian superyacht charter tax

By William Mathieson

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LYBrA – the corporate advisory body for the brokerage sector – has convened for its latest meeting, which this time focused on Italian tax legislation, an area that has caused a downturn in Italian charters this year. The association, which is comprised of the leading superyacht brokerage houses, also invited a number of legal advisors and fiscal consultants to help formulate a uniform directive that can be issued to LYBrA charter clients.

Speaking to SuperyachtNews.com LYBrA’s secretary general, Eric Blair said that the meeting examined whether any problems had arisen with Italian customs authorities due to the introduction of the tax. The opinion was that it had not created any specific problems but this was attributed to the timing of its introduction, which was on the eve of the charter season beginning.

There was also clarification on the date for payment of the tax – on payment of the final invoice – and what should be included in the tax calculation. In this regard, said Blair, “all purchase invoices (such as food, flowers, etc.) relating to charter must be in the charterer’s name, and are not subject to the tax.” Instead, “all invoices in name of boat are taxed.”

And the fiscal agents that owners must register with in order to charter in Italy, Blair explained, are responsible for the payment of the tax “so they must make sure that the correct amount of tax and date payments is made are appropriate.”

The consultative process is an example of the role LYBrA intends to play in advising the industry on corporate best practices.



Related Links

LYBrA Website

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