SOS Yachting makes VAT a show season hot topic
VAT is not a hot topic. People don’t usually queue up to learn more about it. So it was a pleasant surprise to see that the 1st SOS Yachting VAT Workshop in Monaco was overbooked and attendance was excellent - notwithstanding the early wake up. SOS …
VAT is not a hot topic. People don’t usually queue up to learn more about it. So it was a pleasant surprise to see that the 1st SOS Yachting VAT Workshop in Monaco was overbooked and attendance was excellent - notwithstanding the early wake up.
SOS Yachting’s core business is VAT representation for yacht owning companies operating in EU countries which have adopted the ‘place of supply’ rule for the payment of VAT on charters.
The aim of the workshop was provide an overview of what is happening on the ground in Croatia, France, Spain and Italy as well as providing information and guidance on key issues related to VAT and commercial yachting.
Company data presented by the CEO Alex Mazzoni show that France and Italy account for the lion share of business. Spain and Croatia are still fine-tuning procedures. Business is encumbered by red tape which makes it more attractive to start charters in other EU or non-EU countries.
2015 has been a milestone year for France with the introduction of BOFIP 12.05.15.
Thibault Hermant, Operations Manager for SOS Yachting France, explained that BOFIP spells out the criteria commercial yachts must fulfil in order to continue to enjoy VAT exemption on the purchase of goods and services in France in 2016. Thibault also pointed out that BOFIP has nothing to do with VAT due on charter fees. There is no change there. However, he reminded the audience that yachts wishing to maintain their VAT exemption in France must ensure they are compliant by Jan 1, 2016.
Miguel Serra from the Guarrigues Law Firm was upbeat about long-term prospects in Spain which was one of the most sought-after destinations this summer.
Ezio Vannucci from Moores Rowland Partners srl - YACHT DIVISION provided insight into the current rules in force in Italy concerning importation, switching from private to commercial registry and back, VAT reclaims, corporate tax and bunkering.
The event will be repeated in Fort Lauderdale on the 4th November with a slightly different format. The first part will focus on day-to-day operational issues and the second on legal issues and existing grey areas.
If you would like to take part, please contact news@sosyachting.com for an invitation. You can download the FLIBS programme from our News section at www.sosyachting.com.
The entity that submits this press release to SuperyachtNews.com hereby accepts sole responsibility for the facts, accuracy and completeness of the content. All content and mediums submitted are an acknowledgement of the suitability for publication. SuperyachtNews.com accepts no liability or responsibility for any inaccuracies or errors made by the submitter in this regard.
Click here to become part of The Superyacht Group community, and join us in our mission to make this industry accessible to all, and prosperous for the long-term. We are offering access to the superyacht industry’s most comprehensive and longstanding archive of business-critical information, as well as a comprehensive, real-time superyacht fleet database, for just £10 per month, because we are One Industry with One Mission. Sign up here.
