Archive for September, 2013

Post

Malta: New guidelines for the VAT treatment of short-term yacht chartering

In on September 26, 2013 by NEWCO

marina-49903_640

The Maltese authorities have recently issued new guidelines for the VAT treatment of short-term yacht chartering.

A short-term charter of a yacht, for leisure purposes, is an agreement whereby the yacht owner/operator contracts the use of the yacht for a consideration with a crew or on a bare boat basis, for no more than 90 days.

For VAT purposes, the place of taxation is the place where the yacht would actually be placed at the disposal of the customer, in this case in Malta. Similarly as to the financial leasing of yachts and aircrafts and subject to certain conditions, the taxation of the supply of this service is limited to that portion of the use of the yacht within the territorial waters of the European Union (EU).

Maltese authorities have established the estimated percentage portion of the charter based on the time that the yacht is made use of within the territorial waters of the EU according to the length of the yacht and its means of propulsion (power or sailing), as shown below:

Tabela tax alert yatch_EN

Furthermore, the supplier of the charter has the right to claim input tax incurred on the fuelling and provision of the boat provided that these goods are sold to the client of the charter under a separate contract or invoiced separately from the charter service.

Download our Malta brochure to learn about these new guidelines and other opportunities made available by the Maltese tax regime.

Comments Off on Malta: New guidelines for the VAT treatment of short-term yacht chartering

Post

Madeira is “Europe’s Leading Island Destination” according to the World Travel Awards

In on September 5, 2013 by NEWCO

Funchal

World Travel Awards has selected Madeira as Europe’s Leading Island Destination in 2013, in the European Gala Ceremony that took place in Antalya, Turkey on 31st August 2013.

World Travel Awards was established in 1993 to acknowledge, reward and celebrate excellence across all sectors of the tourism industry. Today, the WTA brand is recognised as the “Oscars” of tourism, a hallmark of quality that sets the benchmark to which all others aspire.

World Travel Awards supports, promotes and develops the global travel and tourism industry by identifying and rewarding excellence and inspiring its practitioners to continually raise the standards of their product and service offering. The voting process is online with votes coming from qualified executives working within travel and tourism and the consumer travel buyer. Votes cast by travel professionals count as two votes and all votes are internally audited to ensure the validity of each individual vote.

Other regions in Portugal have also won categories such as “Europe’s Leading Beach Destination”, “Europe’s Leading City Break Destination” and “Europe’s Leading Golf Destination”. Several Portuguese hotels were winners of their categories. In Madeira, The Vine hotel, which is located right next to our office and is chosen by many of our partners and clients visiting Madeira, has been awarded the category of “Europe’s Leading Design Hotel”.

Madeira has been selected as “Europe’s Leading Island Destination”, thus confirming our claims: the region is an excellent destination to visit, invest and live!

 

 

Comments Off on Madeira is “Europe’s Leading Island Destination” according to the World Travel Awards

Follow

Get every new post on this blog delivered to your Inbox.

Join other followers:

Siga-nos nas redes sociais:
Copyright 2013 NEWCO