MYBA and Federagenti Yachting raise concerns over implementation of new Italian VAT system on charters…
In 2019, the European Commission announced that the application of VAT on charters as practised in Italy, France, Malta, Cyprus and Greece would no longer be applicable in 2020. In other words, merely cruising into international waters and benefitting from a lump sum reduction in VAT will no longer be possible. Instead, VAT reductions are now to be determined on a strictly pro rata basis.
Source: superyachtnews.com
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