The latest developments on this proposed yacht owner and charterer tax
YPI has learned that, as part of a series of austerity measures being introduced to tackle the financial crisis, the Italian government has voted to re-introduce a tax known as « imposta di stazionamento » or 'berthing tax. This is something of a misnomer as it will apparently apply not just to yachts berthed in Italian ports and marinas but to all yachts cruised, anchored or docked within 12 miles of the Italian coast.
Photo Credit: www.superyachtnews.com
The tax is set to come into effect as of 1st May 2012 and will apply to all vessels over 10 metres in length, irrespective of flag. The amount charged varies from EUR 5 per day for the smallest vessels to EUR 703 per day for yachts over 64 metres. Initial interpretation of the legislation suggests that some reductions or exemptions may be applicable in certain circumstances.
The tax will be collected by the Customs Authorities where the vessel is berthed or anchored. If it isn’t paid, sanctions may be as much as 200-300% of the initial amount due.
What is clear is that, unlike sales taxes that are applied to charter fees such VAT, TVA or IVA, this new tax will apply to all yacht users, both charterers and private owners alike.
Conscious of the potentially significant impact this new tax could have, the yachting industry is lobbying for a complete review of the legislation.
YPI is seeking clarification on the situation as well as monitoring all developments very closely. YPI clients will be kept regularly updated both via this eNewsletter and personally by their brokers and yacht managers.