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(08 November 2018) - The European Commission today stepped up its agenda to tackle tax avoidance in the yacht and aircraft sectors by implementing infringement proceedings on tax breaks being applied in the pleasure craft industries of Italy and the Isle of Man.

Yacht
© Aleksandr Markin

These provisions can generate major distortions of competition, as highlighted by last year's 'Paradise Papers' leaks.

In light of its subsequent investigations into these matters and contacts with the Member States concerned, the Commission decided today to send a letter of formal notice to Italy for not levying the correct amount of VAT on the leasing of yachts.

The Commission also decided to send a reasoned opinion to Italybecause of its illegal system of exemptions for fuel used to power charted yachts in EU waters.

Finally, a letter of formal notice was sent to the UK concerning the Isle of Man'sabusive VAT practices with regard to supplies and leasing of aircraft.

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