ICE Rules - Clarity on Yacht Charter in Italy
ICE Rules - clarity on yacht charter in Italy
12 January 2017
Up until now, it had been understood that yachts operating under the French Commercial Exemption (FCE) could also cruise in Italian waters although no formal statement had previously been issued by the Italian authorities.
On 12 January 2017, Resolution N.2/E was issued by the Italian Fiscal Authority ‘Agenzia delle Entrate’, providing clarity on tax exemption for vessels designed to navigate on high seas under article 8-bis of Presidential Decree n.633 of 1972.
This is very similar to the FCE with the same 70% rule being applied in order to obtain VAT exemption for:
- fuelling and provisioning
- sales of onboard equipment, components and spare parts for vessels
- sales, refit works, repair and maintenance work for vessels.
Although this does not mean a big change to the way yachts are currently operating, it does provide clarity on operations in Italy.
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