Just as Charters in France disappear behind a the gloomy cloud of enforced VAT so the sun begins to shine on the charter market in Spain and those in the charter business have begun to celebrate
It seems that after much lobbying the Spanish Consejo de Ministros (Council of Ministers) have finally announced the end of matriculación tax.
Officially known as Impuesto Especial sobre Determinados Medios de Transport and more commonly known as matriculación tax, the tax is of a one-off payment of 12% on a yacht’s total value. It is charged on the hull value of yachts over 15 metres in length that seek to charter in Spanish waters.
This is in addition to VAT, which in Spain is 21%
Because of these two high taxes yacht charter activity in mainland Spain and the Balearics have remained subdued in comparison to the activity taking place in the rest of the Mediterranean.
The Spanish press and locals we have spoken to suggest that final approval to the change has to be given by the Spanish parliament but many have suggested this could be in time for the summer season
The tax will remain payable on all private yachts of over 8 metres in length registered in Spain and used in Spanish waters.