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New Italian Parking Tax - Update

9th Mar 2012

As part of Italian austerity measures, the Government has approved a law requiring yachts over 10m in length, which are berthed or anchored in Italian waters, to pay an annual parking tax.

 

As you probably know, on December 2011 the Italian Government approved a new Yachting tax which will come into effect from May 1st, 2012. After the first version of the law, a new amendment was approved by the Italian Senate on 2nd March 2012. The main changes are that this tax will only be applied to Italian-owned yachts and not to foreign-owned yachts and that it will be chargeable on an annual rate. Therefore, if the amendment is also approved by the lower Chamber, only Italian owners (independently of the flag) will be subject to the payment of the tax. These amendments are expected to gain Parliament's approval within 24th March 2012 and we will certainly keep you informed of the final Parliamentary approval of the law.

 

For more information on this tax or how it may affect you, please contact your Camper & Nicholsons broker

by Camper Nicholsons

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