The below is a summary of the most relevant fiscal amendments with effect on the superyacht chartering activity in the Mediterranean in 2021: France: The new situation for summer season 2021 is that full VAT rate – 20% – will be charged for time spent in EU waters. Only the part of the journey taking place in international waters will be exempt from VAT. Italy: As in France, the new law will be applicable to all charters starting in Italy and/or outside EU territory and entering into Italy will be subject to ordinary VAT rate of 22%, except on the part of the journey taking place in international waters, which will be exempt from VAT. Spain: Charters starting in Spain are subject to 21% without any reductions. On the other hand charters starting outside the EU VAT area are subject to Spanish VAT for the part of the journey taking place in Spain VAT territory, however from January 1st 2021, they will be exempt of VAT if starting in any of the following Spanish special territories: Melilla, Ceuta and the Canary Islands. Greece: Greek standard VAT rate is 24%, with a potential reduction on the part of the journey taking […]