The new European VAT Directive, the VAT Package that affects the charter activities of Superyachts continues to add worries and red tape for charter brokers
The Directive effectively means that, when yachts are used privately, VAT must be paid in the country from which the luxury yacht leaves.
A large number of EU countries are imposing strict checks on the payment of VAT when luxury yachts are used for private purposes
iYachting Services a company based in The Netherlands now offers a concrete solution to this problem and has made an online platform available so that superyacht captains and charter companies can access necessary documents immediately they need them.
The service is reported to be efficient and user-friendly and also represents a financial advantage for yacht owners and charter companies.
The digital, online YVAT portal selects and presents all information relevant to a particular sailing trip and provides customers with all the necessary documents.
Users will be shown the applicable VAT rates for each charter trip instantly. YVAT will additionally, create corresponding charter parties and charter invoices that can then serve as proof of VAT compliance for Customs.
Through the portal VAT numbers and VAT registration can be arranged as well. Users will be able to pay VAT when required and recover as much as legally possible.