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VAT Lump Sum Reductions for Charters Starting in France/Italy End Soon

Limited time for charterers to benefit from VAT Lump Sum Reductions for short term charters (under 90 days) in EU waters

There is limited time available for charterers to benefit from VAT Lump Sum Reductions for short term charters (under 90 days) in EU waters. From the 31st of March or 1st of April (depending on where the charter starts) the full VAT rate must be added to a charter’s fee. While this new regulation applies both to charters starting in France and Italy, there are a number of differences between the Italian and French regulation changes. 

FRANCE - The new regulation specifies that the French VAT will be charged at the full rate, i.e. 20%, for time spent in French and/or EU waters, -no VAT charges are applicable while cruising in international or non-EU waters. The new rule will be brought into force from March 30th and will apply to charter contracts signed from this date onwards. This means that charters (starting in France and cruising into international waters) with contracts signed before 30th March 2020 will not be subject to the new rule, and the lump sum reduction of 50 percent still applies.

ITALY - Italy’s new law will be applicable to all charters starting in Italy and/or charters starting outside EU territory and entering into Italy. The ordinary VAT rate of 22% will be due on all Italian charters from April 1st and onwards and the previous “lump sum VAT criteria” (6.6% VAT for charter of yachts over 24m) will no longer apply. The law will enter into force on April 1st 2020, which means that regardless of the charter contract's date of signature and/or payment, all Italian charters will be subject to the new law from this date onwards.