marți, 12 iunie 2012

New Taxes introduced by Italian Government risk to isolate the country



Experts believe that the introduction of new VAT rates and the increases berthing tax will isolate Italy even more. The government’s new taxes introduced in May this year may have the exact opposite effect than the one desired. Many believe the measures will only isolate Italy and make it a no go for many yachts.

Due to financial crisis and decrease of economic growth, Italian tax authorities have increased the  VAT and new berthing tax in the countries ports.  Many captains believe these measures will only deter owners from Italy, as charter vessels tax haven’t been collected in a decade and this new measure will only affect yachts over 24 metres.

The measures are hard to understand and interpret because they do not focus on the entire industry.  These are some stipulations those considering an Italy yacht charter this summer should be aware of.

- a yacht charter taken from Italy and concluded  in Italy and stays within 12 miles of the Italian coast, VAT will be full rate of 21% per day.
- a yacht charter taken from Italy and concluded in Italy but between time cruises 12 miles offshore into non-Italian waters, VAT will be charged at 6.3%.
- a yacht charter originating from another EU country enters Italian waters then it is subject to that country’s VAT rate.
- a yacht charter originating from outside the EU enters Italian waters then VAT is set at 6.3% and will only be charged for the days the charter is in Italy for.
-  a yacht charter begins in Italy before leaving for a non-EU country this yacht will be charged at 6.3%, which will only apply for the time spent in Italy.
- a yacht charter originates in Italy but leaves Italian waters within six hours then this yacht is exempt from VAT.

This measure was tried back i 2006 for the italian island of Sardinia, but it has backfired as most of the yachts have removed the island from their summer programme. The tax was rescinded before the 2009 summer season.

Along the new taxes the yachts longer than 64m will be charged 703 euros per day to dock or anchor in Italy. Discounts apply to yachts older than five, 10 and 15 years. This will have a great impact on many yacht types such as the  luxury yacht charter and super yacht charter as it will highly impact their prices and expenses.

‘It will impact itineraries,’ said Capt. Lee Rosbach o. “No one wants to pay $25,000 - $30,000 a month just for giggles.’“We’re going to the Med but we’re not going to spend much time in Italy,” concluded Rosbach.

YPI advises captains and yacht management companies to seek  legal advice before considering Italy for the 2012 summer. Yachting Partners International (YPI Group) is a yacht charter broker and part of the Barry Rogliano Salles Shipbroking Group (BRS). For further information regarding these new taxes or for a more general enquiry please contact us by e-mail at webmaster@ypigroup.com, log on to www.ypigroup.com or call +377 99 99 97 97.

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