Italian yacht tax amendment by Pesto Group

italian flagDear captains, managers, brokers and industry associates,
The tax will not be applicable to yacht owners who are not Italian residents!
The 6th of December 2011 the newly appointed Italian government issued a legislative decree (No.201) proposing new tax revenues from luxury assets.

This came as part of a series of well documented austerity measures aimed at improving Italy’s bleak economic outlook and was subsequently signed into law on the 22nd of December 2011 (No. 214) having been approved by the Italian parliament and senate.
Italian yachting associations, highly supported by Pesto Sea Group, roundly condemned the legislation underlining that due to competition the tax would have simply resulted in driving yachts away, thus damaging not helping the Italian economy.
After an intense period of lobbying, Pesto Sea Group is happy to announce that an amendment put forward to the government in an attempt to remodel the tax into one based on Italian ownership has just been accepted and signed.

The tax as amended will only be applicable to private yachts that are owned by any subject with a permanent establishment or residency in Italy.

Art. 60-bis. - Yachts will be subject to an annual tax payable within the 1st of May each year, as follows:
vessels between 10,01 and 12 metres 800 Euros
vessels between 12,01 and 14 metres 1,160 Euros
vessels between 14,01 and 17 metres 1,740 Euros
vessels between 17,01 and 24 metres 2,600 Euros
vessels between 24,01 and 34 metres 4,400 Euros
vessels between 34,01 and 44 metres 7,800 Euros
vessels between 44,01 and 54 metres 12,500 Euros
vessels between 54,01 and 64 metres 16,000 Euros
vessels over 64,01 metres 25,000 Euros

(The above measurements are intended as overall length in accordance with EN/ISO/DIS 8666 Small Craft Principal Data.)
As always I remain at your complete disposal for any query or further clarification and really look forward to seeing you back in Italy soon for another highly successful season.

Kind regards,

Fabio Pesto
President | Pesto Sea Group