Amended guidelines regarding VAT treatment of yacht and aircraft leasing

The Commissioner for Revenue has published an amended version of the guidelines regarding the VAT treatment of yacht and aircraft leasing. In terms of the amended guidelines, the manner in which the period that the boat/aircraft spends within the territorial waters/airspace of the EU is determined is no longer carried out by reference to the […]

Written By ACT Team

On February 21, 2018
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The Commissioner for Revenue has published an amended version of the guidelines regarding the VAT treatment of yacht and aircraft leasing. In terms of the amended guidelines, the manner in which the period that the boat/aircraft spends within the territorial waters/airspace of the EU is determined is no longer carried out by reference to the published table but shall be subject to approval by the Commissioner after that the rental company shows to his satisfaction that it cannot reasonably carry out a physical assessment of such time outside the EU due to reasons beyond its control. Each application submitted is examined on a case by case basis and has to be approved in writing by the Commissioner. 

The amended guidelines regarding the vat treatment of yacht leasing can be found by clicking on the following link http://vat.gov.mt/en/VAT-Information/Guidelines-to-certain-VAT-procedures/Documents/Guidelines%20on%20VAT%20treatment%20of%20Yacht%20Leasing%20_1_.pdf 

The amended guidelines regarding the vat treatment of aircradt leasing can be found by clicking on the following link http://vat.gov.mt/en/VAT-Information/Guidelines-to-certain-VAT-procedures/Documents/Aircraft%20Leasing%20Guide%20-%20Nov%202017.pdf

How can we help?  

For further information, please contact one of the firm’s tax partners, Stephen Balzan on [email protected] or Elaine Camilleri [email protected]. ACT can help you understand the changes to the tax rules and how these can impact your business.  

Apart from its offices in St. Julian’s Malta, ACT operates from a second office in Gozo, which is situated in the capital city of Victoria.  For an appointment in our Gozo office, please call on 00356 21378672 or send us an email on [email protected].