The Malta Chamber Yachting Services Business Section in collaboration with the Malta Maritime Law Association yesterday held an information session regarding the publication by the Maltese Authorities on the 1st March 2019 guidelines relating to VAT on the hiring of pleasure yachts.
The session, which was addressed by Dr Alison Vassallo as Chairperson of the Yachting Services Business Section, and Dr Anthony Galea as Chairperson of the Yachting subcommittee within the Malta Maritime Law Association, was well attended by members of both entities.
The new guidelines address the manner in which the leasing of yachts by Maltese registered entities is to be treated for VAT purposes. The guidelines relate to the calculation of the effective use and enjoyment of pleasure yachts within EU waters for the purposes of Article 59a of the VAT Directive and are based on recent EU developments and best market practices.
This development has been welcomed by the local yachting industry and continues to build on Malta’s strength, position and experience as a leading maritime jurisdiction.