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Greek VAT update

Greek Yachting Association on TAX LAW & VAT NEWS 

GYA

Sometimes the phrase “It’s all Greek to me” applies to the confusing VAT on charter yachts.  Being informed is the key, and here is the clarification wording straight from the Greek Yachting Association.

“ Until the 31st of December 2022, the VAT rate on yachts that are of an overall length that is greater than 24 meters (based on their Certificate of Registry) or the LOA is below 24 m. but the vessel has a registered crew (it is not a bareboat), which will be 13%. The reduction from the normal 24% is due to the pandemic.

Specifically:
1) For charters up to 2-3 days, the VAT is fixed at 13%
2) For yachts in possession of a “Protocol of General Inspection of Small Passenger Ship” for international cruises, a discount of 60% applies with the final VAT rate being 5,2%.
3) For yachts in possession of a “Protocol of General Inspection of Small Passenger Ship” for Greek waters cruises, a discount of 50% applies with the final VAT rate being 6,5%.”

I think this is particularly helpful in terms of understanding the 5.2 and 6.5%.

 

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