As you may know, a commercial yacht that has been formally imported into the European Union, under the French Commercial Exemption, is required to comply with the 70% rule.
It is now the end of the season and it is very important for you to check whether this rule has been respected so far. Otherwise, at the end of the year, the VAT on the value of your yacht may be reassessed.
Given the circumstances of this season, we understand that some yachts have not had any charters in 2020. Unfortunately, no exemption has been decided, at the moment, by the Customs, to help yachts that have not been able to meet the criteria. Therefore, in order to comply with the 70% rule, at least one charter has to be done before the end of 2020.
Do not hesitate to contact us if you have questions. We will do our best to find the best solution for your situation.
Stay safe and take care.
T: +33 (0)4 92 00 43 90
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