New Fiscal Solution for VAT Payments for Yacht Charters in Italy

Life should be so easy but the minute you see a document that uses the words Italy Superyacht and Value Added Tax on the same piece of paper you know it is unlikely to be the case.

Fortunately the Italians feel the same way so we are unlikely to be had up for making racial slurs.

When it comes the management and payment of VAT for commercial vessels chartering in Italian waters it is clear there needs to be a specialist in charge and now one such company has been formed to handle these complicated matters.

Unveiled at the MYBA Genoa Charter Yacht Show, SOS Yachting, based in Milan, Italy, has been founded by two prominent members of the yachting industry with decades of experience between them working in marine agency services and charter management, both inside Italy and further afield.

SOS Yachting’s President Fulvio Luise Director of the Luise Group and President of Federagenti in Italy has been appointed the company’s President.  He is joined by Stefano Tositti, President and CEO of JLT Yacht Agency and BWA Yachting along with Alessandro Mazzoni as Directors. 

The company and its fiscal services are will provide charter brokers, captains and industry professionals up-to-date information on recent changes to charter regulations concerning VAT payments in Italy.

Backed by the fiscal services team of Ezio Vannucci from Moores Rowland Associati and Carlo Galli from Clifford Chance, both based in Milan, the company offers fiscal assistance and management of VAT payments to the Italian tax authorities for those vessels which are foreign flagged and do not have a fiscal position in Italy, which is a necessary condition in order to charter in Italy.

President of SOS Yachting, Fulvio Luise, said “We founded SOS Yachting on the principles of professionalism and transparency.  We wanted to ensure that our comprehensive fiscal service solution allows the industry to easily comply with all local tax regulations and pay the duties on their charter. This new company provides a great opportunity for the industry to simplify the process of paying VAT duties, which is required on charters in Italy, and all the while we can provide a valuable service to our clients.”