In the world of luxury assets with elegant yachts gracing the seas and awe-inspiring sights of aircraft soaring through the skies, a fascinating journey unfolds. However, in this world of lavishness, those involved are also dealing with less glamorous concerns including the intricate matter of Value Added Tax (“VAT”). This article delves into the influence of EU VAT on luxury yachts and aircrafts (hereinafter “Asset”), with a view of untangling the complex details for clearer understanding.
- In a supply of goods or services the supplier is generally entrusted by the Commissioner for revenue to collect and pay the VAT charged on his supplies. Is this always the case? Can you provide us with some examples where the supplier is not liable for the payment of the VAT?
- In this case, the Malta customer is liable for the payment of the VAT. What does he have to do?
- Can the liability for payment of the VAT be shifted in the case of supplies of goods? Can you give an example?
- In this case where is the transaction reported by the Malta Customer in the VAT return?
- In the case of an importation, who is the person liable for the payment of the VAT? And what about an intra-Community acquisition?
Source: Zampa Debattista
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