Date held: 11th March 2020
Author: Charles Vella
In this seminar we covered or rather navigated through the intricacies associated with Yachting and Aviation operations in Malta from a VAT perspective.
The Yachting sector in particular, helped in no small measure by Malta’s strategic position in the Mediterranean, its favourable all-year round mild climate and Government’s pro-business approach, has seen a sustained growth in recent years contributing significantly to the success of Malta’s economy. Like a magnet it has attracted prospective high worth individuals and companies eager to explore the possibility of acquiring a luxury superyacht to use and enjoy from Malta. This in turn has created immense opportunities for providers of taxation services in Malta all set to assist such clients. Needless to say these service providers are expected, not only to have a sound knowledge of the VAT treatment concerning such operations, but also to regularly keep updated on developments.
The agenda, kicked off with an outline of the pertinent legal provisions relating to Yachting and Aviation, then moving on to the practical side, that is how to apply the rules in practice, and finally going through the resulting compliance obligations. As such the presentation had the scope of enabling participants to better understand the rules, to methodically analyse a particular operation for the purpose of identifying the correct VAT treatment and finally to highlight any VAT compliance obligations arising as a result thereof. The presentation ended with setting three practical scenarios concerning yachting/aviation operations for the participants to work out.
It is to be recorded that the seminar was very well attended with 34 registered participants, proving the popularity and utility of the topic. On analysing the evaluation forms (by 85% of participants) the following average rating was recorded: 49% excellent, 47% very good, 4% average.
It would be justified to remark that the seminar was a success which above all added to ZD Academy growing reputation as a premium training organisation which lives to its motto of “delivering technical excellence”.
A massive thanks to the drafters, the speakers as well as the assistants.