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On the 29th of January, the European Parliament gathered in plenary session in Brussels, where they voted and ratified the text of the United Kingdom's withdrawal agreement from the European Union.
It was the last step that was still missing to formalize the agreement, on the text that was approved on October 17th, 2019 by the European Council (with the Political Declaration on the framework for future relations) and on January 9th 2020 by the British Parliament’s House of Commons, to then be ratified on January 22nd 2020 by the Upper House of the United Kingdom and countersigned on January 24th 2020 by Queen Elizabeth II.
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To apply the article 59 bis of the EU Directive 2006/112/CE, November 28th 2006, related to VAT, it has been decided that the French VAT lump sum reduction of 50% of the taxable base in case of cruising into international waters, due on charter contracts starting from France, must no longer be applied.
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The Italian Budget Law for 2020 (Law no. 160 of December 27th, 2019) published on the Italian Official Gazette (GAZZETTA UFFICIALE) on December 30th 2019, changes the provision of the application of the Italian VAT due on short term charters with departure from the Italian territory.
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The “D.D.L di Bilancio 2020“ (the Italian Finance Act 2020) approved by the “Senato“ and transmitted to the “Camera“ provides a new rule related to the place of taxation for VAT purposes of short-term charter of pleasure boats.
Changes may occur very soon in Europe concerning the current reduced VAT lump sum taxable base on charter contracts.
The EU Commission’s goal is to harmonize rules abolishing the laws currently in place in Italy, France, Malta and Cyprus for the reduction of VAT on the taxable base for charter contracts and apply the general criteria contained in articles 56 and 59a of the EU VAT Directive 2006/112/CE.
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SOS Yachting will be in attendance to the 60th edition of FLIBS this year and we are looking forward to meet our American clients, stakeholders and friends.
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