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(Jun 06, 2012) The Italian tax authorities issued a circular on May 30, 2012, to clarify an additional tax on boats introduced in 2011. (Giulia Gallo, Italy: Boat Tax – Clarifications, TAX NEWS SERVICE (May 31, 2012), International Bureau of Fiscal Documentation, online subscription database.) Circular No.16/E explains a provision of Law Decree No. 201/2011, which contains a number of emergency austerity measures, including taxes on luxury goods such as boats and aircraft. (Id.; see also Emanuela Santoro, Italy: New Package of Emergency Austerity Measures Presented to Parliament (Dec. 5, 2011), TAX NEWS SERVICE.)
The Circular states that the additional tax is levied on vessels longer than ten meters if they are owned or leased by Italian residents or non-residents with permanent establishments in Italy. The tax will not be imposed, however, during the first year after the boat is registered. The rate of taxation depends on the length of the boat, ranging from €800 to €25,000 (about US$993-$31,000) annually. The tax year for this purpose is from May 1 to April 30 of the following year, with payment due by May 31. (Gallo, supra.)
|Author:||Constance Johnson More by this author|
|Topic:||Taxation More on this topic|
|Jurisdiction:||Italy More about this jurisdiction|
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Last updated: 06/06/2012