International law firm Ince & Co and independent yacht managers S.A.R.L. Arrow Services Monaco today launch a new Customs Control Checklist for yacht owners and captains to assist them in dealing with the numerous regulations they face when chartering out their yachts.
Yachts and superyachts are of particular interest to the customs and tax administrations of the Member States of the European Union. The checklist enables owners and captains to ensure that they have taken all necessary measures to protect themselves and avoid penalties during customs inspections. It also provides a step by step guide to the actions to be taken in the event of such an inspection.
Ince & Co partner Jérôme Cohen and senior associate Freddy Desplanques said: "The fact that a yacht or superyacht can be subject to a customs inspection is something that should always be considered when owning or managing a vessel. Owners and their Captains face a significant number of regulations when chartering their yachts and it is vital for their business and reputation that they are familiar with the legal framework relating to customs inspections. This new Customs Control Checklist sets out in simple and easily-referable terms the documents that charter yachts should carry. It will help identify the actions that owners and captains should take when they find themselves facing a customs inspection."
Paul Archer, Chief Executive of Arrow Services Monaco, said: "As a Monaco based yacht management company with strong financial and tax expertise, we are often the first port of call for advice on VAT issues relating to yachts. The global financial crisis has seen a huge increase in the number of yachts subjected to VAT inspections. Regrettably, many of these result in infraction proceedings against the owners. While many are simple matters to address, others are contentious, and can lead to the arrest of the yacht, delayed charter guests and significant VAT payments and penalties.
Through our close co-operation with Ince and Co's VAT and Customs team on many such cases, we realised how little was known by yacht owners and captains about the VAT rules and legal rights and obligations. This has led to the production of the Customs Control Checklist to assist all parties."
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