Spanish charter market up 38% in 2015 (December 24, 2015)

The Spanish marine industry association ANEN has announced that the charter sector is up 38.3% in 2015. The percentage increase follows a tax exemption in place since October 2013.
According to data released by ANEN, issued in conjunction with the Spanish association of superyachts (AEGY), registration of yachts for charter was up 56.7% in 2014 and 38.3% in the ten months to November 2015. The data is based on a report from the Spanish maritime authority.
In addition, the AEGY has released a study that shows an increase in the number of 24m plus yachts registered for charter from 52 in 2014 to 86 in 2015. The study also shows that the charter market in Baleares generated €22.9m in this period.
ANEN and AEGY concluded that the impact of the charter market in Spain could be greater with a legal framework similar to that of other markets in Europe.
Both entities are now working together to achieve the following amendments:
• Regulation of the possibility of mixed use (private and commercial) of boats similar to other EU countries such as France, Italy, Malta, etc.
• Exemption from VAT for the leasing / chartering of vessels and recreational vessels engaged in commercial activity corresponding to offshore cruising, in accordance with Directive 2006/112 / EC on the common system value added tax.
• Applying a VAT rate of 10% (tourism) to the lease of vessels and recreational vessels instead of 21% as do France and Italy.

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