The New Italian VAT law on charters postponed to November 1st, 2020
LATEST IMPORTANT NEWS IN ITALY- 21st JULY 2020
In the Simplification Decree no. 76/2020 published on the Official Gazette (Gazzetta Ufficiale -Serie Generale n.178 del 16-07-2020 - Suppl. Ordinario n. 24), entered in force on July 17th, 2020, the Italian Government introduced a very important modification for VAT on charters in Italy:
Article 48 paragraph 7 letter bpostpone to November 1st the entry in force of the new Italian VAT law on charters (Budget Law 27/12/2019 art. 1 paragraphs 725 and 726).
This means that all charters that will be performed during the current summer season (2020), are subject to the “old” VAT scheme of lump sum VAT reduction (6.6% for yachts over 24 meters) regardless their date of signature, payment and performance.
Please contact our Italian office info.italy@sosyachting.com for further information.
DISCLAIMER | The information provided in this text is for general information purposes only and doesn’t replace the advice of a legal advisor or of a tax consultant.
