Just as France are set to enforce VAT charges on yacht charters in the region, the charter market in Spain is looking up.
After persistent campaigning, the Spanish Consejo de Ministros (Council of Ministers) have finally declared the end of matriculación tax in Spain, officially known as Impuesto Especial sobre Determinados Medios de Transport.
This one-off payment of 12% of a yacht’s total value is charged on the hull value of all yachts over 15 metres wishing to charter in Spanish waters. This charge is in addition to VAT, which is 21% in Spain.
The result of these two high taxes mean that yacht charter activity in both mainland Spain and the Balearics has remained fairly subdued compared to the hive of activity that has been taking place in the rest of the Mediterranean.
Final approval for the change to take place is yet to be given by the Spanish parliament but is has been suggested by a number of people this could still be in time for the summer season.
The tax will, however, remain in place on all private yachts over 8 metres long that are registered in Spain and used in Spanish waters.
Final approval for the change to take place is yet to be given by the Spanish parliament but is has been suggested by a number of people this could still be in time for the summer season.
RELATED STORIES
EDITOR'S PICK
