The Italian government’s Gazzetta Ufficiale, which lists newly enacted laws, published no. 300 ‘legge di Stabilità’ on 30 December 2014. Article 1 clause 237 stated that temporary berthing and mooring in Italian waters would now incur a duty of 10 per cent, as opposed to the 22 per cent rate that had been castigated by the Italian yachting industry for its detrimental effect on business. This however, will not apply to permanent berth purchases.
Moores Rowland Partners’ Ezio Vannucci, who has been monitoring the situation for some time and informed SuperyachtNews.com of the law’s enactment, said its impact in the coming cruising seasons would be positive.
“The recent Italian fiscal law, ‘legge di Stabilità’, published on the Italian Gazzetta Ufficiale, and dated December 30th 2014, confirms the reduction of the IT VAT rate to 10 per cent for transit mooring and berthing in Italian Marina resorts. The new reduced 10 per cent VAT rate on marinas only entered into force at the end of September 2014, so the principal benefits for the yachts will fully take effect from the current year.
“This law equalises marinas with the hotel tourism infrastructure in Italy, and we are sure that this change will help Italian marinas to [improve] their ‘best offer’ to all superyachts cruising in Italy.”
When Italian nautical industry body UCINA first learned of the rate reduction, its research estimated that such an adjustment could generate up to six times the revenue for the sector, as the then-existing, and much maligned 22 per cent rate.
VAT compliance will comprise one of the headline topics for The Superyacht Captains' Forum workshops, which will be staged on the afternoon of Tuesday 3 February. The event will follow the Italian Superyacht Forum, with both events taking place during the Yacht Aftersales and Refit Experience (YARE).
For further information regarding attending the Superyacht Captains’ Forum, please contact Events Coordinator Clara Saladich by emailing email@example.com or call +44 (0)207 924 4004.
For further information on the YARE programme and to attend the Italian Superyacht Forum, please click here. If you would like to register your attendance, please contact Elena Fontana by emailing firstname.lastname@example.org
If you like reading our Editors' premium quality journalism on SuperyachtNews.com, you'll love their amazing and insightful opinions and comments in The Superyacht Report. If you’ve never read it, click here to request a sample copy - it's 'A Report Worth Reading'. If you know how good it is, click here to subscribe - it's 'A Report Worth Paying For'.