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The post Flag News for Yachts – May 2013 appeared first on Blueseayachts.

Flag News is the ultimate online resource for information published by Flag Administrations. It provides current news and information published by eighteen of the most popular Flags, in total representing over 70% of the worldwide fleet.  (Courtesy of Manta Maritime)

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The post Port State Control-update March 2013 appeared first on Blueseayachts.

The post Flag News – March 2013 appeared first on Blueseayachts.

By appointing a fiscal representative commercial yachts can now discharge all VAT on purchases made in Italy, like fuel, repairs, spare-parts, provisioning etc.

 The VAT rate is at a very reasonable level and that should not discourage charterers.

1. VAT ON CHARTERS

The Italian Tax Revenue Office (Agenzia Delle Entrate) has decreed to implement VAT on charters. The charter of yachts within Italian Waters that are registered as Commercial Vessels and are used exclusively on “Charter” (Short-Term Hiring of a Yacht, not exceeding 90 days) cannot legally be exempt from paying VAT.

By using a combination of rules (please seeTABLE-01) the VAT on charter yachts above 24 MT LOA will normally be 6.3% of the total charter fees.

2. GENERAL PRINCIPLES

a. Charter starts and finishes in Italy and remains within 12 miles of the Italian Coast, VAT at the full rate of 21% will apply.

b. Charter starts and finishes in Italy but, at some point, cruises 12 miles offshore into non- Italian Territorial Waters, VATatareducedrateof6.3%willapply.

c. Charter starts in another EU state before entering Italian waters, the VAT applicable in that state will apply.

d. Charter starts outside the EU (e.g. Montenegro, Turkey) and then enters Italian Waters, then VAT at the reduced rate of 6.3% will apply only to the portion of the charter taking place in Italy, providing it is demonstrable.

e. Charter starts in an Italian port but then cruises to a non-EU state, VAT at the reduced rate of 6.3% will only apply to the portion of the charter taking place in Italian Waters.

f. Charter starts in Italy but leaves Italian Waters within 6 hours, no VAT is due.

A VAT of 6.3% should apply to most of the charters

3. HOW TO COMPLY WITH LEGISLATION

In order to comply with the legislation, Owning Companies must be registered for VAT in Italy or appoint a fiscal representative in Italy to administer the tax on their behalf as per DPR 633/72 Art.17.

The appointment of a VAT / Fiscal Representative or the direct identification became obligatory starting in 2011 as per Circular 43/E – September 29th 2011.

4. OPENING OF A VAT POSITION

This activity includes several duties and formalities which must be provided including but not limited to:

a.   Registration and processing of official invoices and their registration in the official   registry of VAT payments.

b. Registration of monthly statements with payments and reimbursements registered

c.  VAT payments processed through the official F24 Form.

d. Official Annual Financial Reports.

e. Processing of all formal communications Italian Tax Revenue Office (AGENZIA DELLE ENTRATE)

We are able to provide a comprehensive estimate which includes the complete range of Fiscal Services and VAT Obligations to comply with the laws and rules set by the Italian Tax Revenue Office.

5. VAT APPLICATION TABLE

TABLE-01: Explanatory VAT table issued by the Italian Revenue Office on the base of yacht type and length.

Type of yacht and length                                                            Percentage of total charter fees subject to 21% VAT

Motor Yacht – lenght over 24 metres                                         30%

Sailing Yacht – lenght over 24 metres                                        30%

Motor Yacht – lenght between 16,01 and 24 metres               40%

Sailing Yacht - lenght between 20,01 and 24 metres             40%

Motor Yacht – lenght between 12,01 and 16 metres               50%

Sailing Yacht – lenght between 10,01 and 20 metres             50%

Motor Yacht – lenght between 7,51 and 12 metres                 60%

Sailing Yacht – lenght up to 10 metres                                      60%

Motor Yacht – lenght up to 7,50 metres                                   90%

Examples / Cases:

a.   Motor Yacht (M/Y) with a length of 65 meters. Charter Fees: 200.000,00 euros. VAT to be paid in Italy = 12.600,00 euros (VAT at 6.3% rate = 21% on 30% of Charter Fees)

b.  Sailing Yacht (S/Y) with a length of 40 meters. Charter Fees: 120.000,00 euros. VAT to be paid in Italy = 7.560,00 euros (VAT at 6.3% rate = 21% on 30% of Charter Fees)

c.   Motor Yacht (M/Y) with a length of 23 meters. Charter Fees: 40.000,00 euros. VAT to be paid in Italy = 3.360,00 euros (VAT at 8.4% rate = 21% on 40% of Charter Fees)

6. PRICES 2013

VAT Annual  Management Fee, which includes:

Collection of documents from the owning company

Bookkeeping and recording in the VAT books

Reply to any question on VAT matter received by Brokers/Owner ref. charter contracts.

Appointment of our trusted Agency as VAT Fiscal Representative for Italy Application for VAT Status in Italy and opening the IT VAT Position

Official Annual VAT Declaration

Clients and suppliers list declaration to be deposited to the Italian Tax Authority

Black List declaration

Total for year 2013: euro 2.500,00

IMPORTANT NOTE – First charter is included as well as below listed services: VAT bookkeeping and Vat Return Services

Issuing of the invoice for the Charter

VAT payments processed through the official F24 Form

Processing of all formal communications with the Italian Tax Revenue Office (AGENZIA DELLE ENTRATE)

Each Additional Charter: euro/each 400,00

For all subsequent charters (first charter included in Registration Fee):

Relation and VAT supporting with Broker and Yachts Manager

Issuing of Charter Invoice

VAT bookkeeping and VAT Return

VAT payments processed through the official F24 Form

Processing of all formal communications with the Italian Tax Revenue Office (AGENZIA DELLE ENTRATE)

7. GENERAL IMPORTANT NOTES

• The above listed prices are subject to VAT when applicable.

• General disbursements are charged at 3% fixed rate.

• Above outlined fees do not include costs for government stamps, official translation(s), express courier and mailing service as well as any additional service not expressly listed hereby. Any of the additional services will be charged separately at extra cost.

Please contact us for more information about this service, which we provide through a specialized and authorized Italian agency.

operation@blueseayachts.com

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The post Port State Circular 56 (PSC56) from the Paris Memorandum of Understanding (Paris MoU) appeared first on Blueseayachts.

Italian D.L. 18 ‐ February 16th 2011, modifies D.L. 196 year 2005, direMva 2002/59/CE

A quick note to advise that since February last, Italy enforced the European law mentioned above and therefore some rules must now be applied during the cruise in Italy and between European countries, such as, i.e., the compulsory advise – in case the trip is longer than 24 hours – The Captain or the Agent must give to the Authorities based at the port of arrival, together the ID of the vessel (Name, Flag, IMO, MMSI etc.) with the indication of the ETA and number of total people on board the vessel. The same communication must be done also if the trip is shorter than 24 hours before leaving the previous port or pilotage area.This rule must be followed by Agents and Captains of vessels over 300GRT and also pleasure vessels over 45:00 MT Loa.

For any other information please do not hesitate to contact us. Here is the Italian link where you can find the Law reference : http://eur‐lex.europa.eu/LexUriServ/LexUriServ.do?uri=OJ:L:2002:208:0010:0010:IT:PDF

Paris MoU on board inspections:

It seems that Port State Control visits will be intensified and enforced in 2012 in all European seas. “The Paris Memorandum of Port State Control is a system of harmonized inspection procedures designed to target sub‐standards ships with the main objective being their eventual elimination”.

Our agency network can fully assist commercial and private vessels during the inspection by local Italian Authorities whenever the certification is not on board and it has not been released yet. It is very important and strongly suggested to use a professional ship agent who is able to deal with harbour master offices along the whole Italian coast during the ship’s cruise. Because a first inspection lasts at least three hours, we will be able to provide support to the Captain in order to assist with the paperwork needed during the inspection.

Cash money on board:

A short note to advise that, after France, Italian customs will check about cash money on board. It is therefore strongly suggested to have all paperwork on board. Declaration must be made prior of the arrival in Italian waters.

We remain at your full disposal at anytime for any further information you may need.

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