VAT Yachting

Shipping and Yachting activities give rise to numerous transactions likely to trigger Maltese VAT implications in some shape or form including registration, compliance, chargeability, filing and other implications. Hence it is of utmost importance that one is aware of the actual Maltese VAT implications arising from such transactions in order to take the appropriate actions in a proper and timely manner. Failure to do so might prove to be costly resulting in potential incorrect pricing, under/over declaration of output/input VAT, late registrations/invoicing/filing and other implications.

The objective of the session is to identify the main provisions in the Maltese VAT Act Cap.406 of the Laws of Malta and the EU VAT Directive 2006/112/EC applicable to these sectors and discuss the correct manner in which such provisions are to interpreted from a Maltese VAT perspective. In order to do so, apart from the respective legislations, reference will also be made to relevant CJEU Cases, VAT Department Guidelines, Council Implementing Regulations and other relevant literature.

Topics on the Agenda

• Background Information (inc. Transaction types: Domestic/ICAs/ICSs/Exports/Imports)

• Taxable Person (inc. VAT Registration requirements)

• Goods or Services (inc. reference to Yacht Leasing issues)

• Place of supply (inc. reference to use and enjoyment provisions)

• VAT Exemptions (inc. Qualifying Vessels)

• VAT Chargeability (inc. Reverse Charge Mechanism)

The Speaker

Saviour Bezzina is the manager responsible for indirect tax matters at the EY Malta office and forms part of EY’s Global Indirect Tax Network as a local knowledge contact. He joined EY in July 2006 after obtaining the Bachelor of Accountancy (Hons.) from the University of Malta. He is a member of the Malta Institute of Accountants, holds a Diploma in VAT compliance and lectures regularly on VAT and indirect tax matters. Saviour was awarded the 2007 MIA prize as the best student who graduated in the Bachelor of Accountancy (Hons) Degree Course Group 2004/2006.