The MIT Tax & Industry Series are not eligible for the MIT Membership Offer.
The purpose of this session is discuss the various VAT implications arising from the transactions carried out by yacht or ship owning companies, both from a theoretical and practical point of view.
When
Wednesday, 17 July 2024
Time
10.00 - 12.00
Venue
Online
Speakers
William Cassar
Kurt Micallef
Kurt Micallef
VAT considerations applicable to the yachting and shipping industry
The below session is part of MIT Tax & Industry Series: Yachting and Shipping which commenced on 3rd July 2024.
This session shall endeavour to cover inter alia the following topics:
- General VAT principles
- New means of transport and the VAT implications arising thereof.
- VAT implications arising in the context of yachting owning companies, where they yacht is used purely for pleasure purposes.
- VAT implications arising in the context of yacht owning companies, where the yacht is used for the purpose of chartering.
- VAT implications arising in the context of operating leases.
- 12% reduced VAT rate applicable on the hiring of pleasure boats.
- The VAT implications arising in the context of ships.
- ECJ Case Law (C-116/10): Bacino Charter Company SA.
- Input VAT recoverability in the context of yachts and ships.
- Other important considerations: intrastats, VAT refund under the 8th Directive, VAT paid status, importance of the contractual agreements in place between the different parties.
Learning Outcomes:
- Understand the different VAT implications arising in the context of yachts
- Understand the different VAT implications arising in the context of ships
- Understand other relevant obligations that typically arise in the contexts of yachts and ships
Level: BEGINNER/INTERMEDIATE
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2 CPE Core Hours
William Cassar
William Cassar is a senior manager and the head of tax at Fenlex Corporate Services. He has graduated with a Bachelor of Commerce degree, followed by a Masters in Accountancy degree from the University of Malta. Shortly after, he joined one of the Big 4 firms where he gained valuable expertise in the realm of direct tax. William furthered his education by successfully completing the Professional Certificate in Taxation
from the Malta Institute of Taxation (MIT). Throughout his professional career, William has worked on a variety of engagements; from assisting individual clients on their personal tax affairs, to advising small and large enterprises on tax matters.
William is a Certified Public Accountant and a member of the MIT, the Malta Institute of Accountants (MIA), and the Institute of Financial Service Practitioners (IFSP). William also sits on the Domestic & Compliance sub-committee at the MIT, and on the tax subcommittee of the Malta Maritime Law Association (MMLA).
Kurt Micallef
Kurt Micallef is a Senior within the Tax Department at Fenlex Corporate Services. His main area of practice is Direct & Indirect Taxation at a local & international context assisting both in advisory & compliance matters.
In 2021, Kurt completed his studies and became a member of the Association of Chartered Certified Accountants (ACCA). He furthered his education by completing the MIT Couse on Taxation awarded by the Malta Institute of Taxation.
Kurt is a Certified Public Accountant and a member of the Association of Chartered Certified Accountants (ACCA), Malta Institute of Taxation and Malta Institute of Accountants.