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21 March 2018 The on-line newspaper devoted to the world of transports 09:53 GMT+1

March 8, 2018

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The EU starts a procedure of infraction against Cyprus, Greece and Malta for the VAT on the yachts

The decision of the EU commission is consequence of the spreading of Paradise Papers

The EU commission has decided the shipment of letters of constitution in blackberry to Cyprus, Greece and Malta as the three Member States do not collect the full amount of the VAT on the yachts. The decision of Brussels is consequence of the spreading of the Paradise Papers, the documents obtained last year from the German daily paper "Suddeutsche Zeitung with lists of investments realized through offshore society in the tax havens. The Commission has evidenced that Paradise Papers has revealed a swindle on the VAT on wide scale in the field of the yachts, facilitated from not consistent national norms to the right of the EU.

The procedure of under way infraction today from the EU commission is centralized on fiscal regimes of Cyprus, Greece and Malta that preview reduced shares VAT for the chartering of the yachts. Brussels has remembered that, in spite of the current norms of the EU on the VAT allow with the Member States not to tax the supply of a service when the use and the exploitation effectives of the produced one happen to out of the EU, do not allow however a general flat-rate reduction applied without to supply test of the place of effective use of the produced one. In particular, the EU commission has specified that Malta, Cyprus and Greece have developed lines guide based on which more the boat is large, less the chartering is considered realized in waters of the EU, a clause - has emphasized the Commission - that has drastically reduced the share of the VAT.

Moreover the procedure regards the taxation of the purchases of yacht to Cyprus and Malta through leasing-purchase contracts. The Cypriot and Maltese legislation classifies the chartering of an yacht as performance of services rather than as supply of assets and therefore the normal share of the VAT is applied alone on a small part of the real price of the boat after, to the term of the contract, the yacht comes at last acquired, while the residual amount is taxed as a service and therefore with a remarkablly reduced share.

"Al fine to obtain a fiscal fairness - it has emphasized the European commissioner to the financial Economic affairs and, Pierre Moscovici - we must act ogniqualvolta is necessary in order to contrast swindles on IVA Non we can accept this type of favorable fiscal treatment for the private yachts, that it distorts also the competition in the marine field. Such practical are contrary to the right of the EU and must stop".

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