Under PUBLIC CONSULTATION the draft of the provisions for the application of the new VAT Law on Italian charters.
As you know, since last April 1st a new Italian VAT law for charters is in place but due to COVID-19 health emergency the Italian Tax Agency didn't issue by the deadline of last February 28th the provisions to clarify how to apply this law in terms of means and methods suitable for demonstrating the use of the yacht outside the European Union.
May 25th, on the Tax Agency's website it has been published an announcement of a public consultation of the draft of the provision related to the new Italian vat law on charters that will be open until 3rd of June.
It means that yachting operators until Wednesday 3 of June can view the draft and send their comments and proposals via email to the Tax Agency that will take into account the comments and suggestions that will come from the yachting sector.
This action by the Tax Agency demonstrates the interest to share with the yachting sector the choices to be addressed in the common interest of complying with EU regulations but also the economic needs of yachting as an important sector of the Italian economy and we underline that the new law will enter into force only from the official publication of the new provisions currently under discussion.
As always, SOS will keep you updated on upcoming developments.
