The Shipping Industry is one of the main pillars of the Maltese economy and as part of our commitment towards such sector KPMG in Malta teamed up with the KPMG Learning Academy Malta, organising a special edition of the Yachting Masterclass on 14^th March, 2019.

On the 28^th February, the Maltese VAT Department announced the long anticipated changes regarding the hiring of pleasure yachts in Malta.
The workshop seminar analysed the impact of such changes on owners and service providers highlighting novelties introduced and analysing practical scenarios from a VAT perspective.

Graziella Demanuele Bianco, Tax Knowledge Manager provided practical accounting and VAT insights into the recently published VAT Guidelines on the hiring of pleasure yachts in Malta as released by the Maltese VAT Department.

In particular the following points amongst others were discussed:

• Use & Enjoyment Criteria;
• Calculation of VAT on Charter Rates;
• VAT Compliance Requirements;
• New Administrative Obligations; and
• The possibilities for obtaining a VAT Paid Certificate.

The Workshop also delved into practical examples based on different leasing scenarios.

We would like to thank all those who attended the event! Should you require further information kindly contact us.