We have been keeping track of all developments since then and worked with industry lobbying bodies fiercely opposed to these new measures to ensure the feelings of the industry as a whole were clearly communicated.
Law is amended
We can now report that the law has been amended by the Italian Parliament. It is now aimed exclusively at Italian citizens, whether directly or indirectly owning or using a yacht, regardless of whether the yacht is flagged in Italy or overseas. In addition, the amendments make the tax chargeable on an annual rather than daily rate reducing considerably the weight of tax requested.
“There remain a number of questions still to be answered,” says Head of YPI Charter,Fiona Maureso. “The Italian taxation scene is not an easy one to read and no Circolare or Risoluzione has as yet been issued to explain how the tax is to be administrated or indeed to cover some of the greyer areas. Questions on interpretation and detail remain: what defines ‘Italian guests’ on board for example. Does the definition of a ‘foreign-owned vessel’ cover one owned by non-Italians but registered in Italy? Our work continues but for non-Italians this is very good news just ahead of the season.”
We all await the Circolare for clarification and YPI will, as always, work to ensure you are kept informed about all relevant developments, but for the moment at least, the question of who pays seems to be have been answered: it is YOU…if you are Italian!
For more information on this issue or other yacht related tax issues please contact:
Fiona Maureso on France +33 493 340 100 or email: firstname.lastname@example.org