EU warns Italy, Isle of Man over yachts, private jets tax breaks

It warned Italy about its system of exemptions for fuel used to power charted yachts in EU waters. (AP)
Updated 10 November 2018
0

EU warns Italy, Isle of Man over yachts, private jets tax breaks

  • Italy and the UK have two months to respond to the letters of notice before they get a warning
  • Britain received a letter of formal notice over the Isle of Man’s VAT practices related to supplies and leasing of aircraft

BRUSSELS: Italy and the Isle of Man found themselves in the European Commission’s crosshairs on Thursday as the EU executive took steps to force them to scrap illegal tax breaks for yachts and private jets or face court action.
The EU executive said incorrect value added taxes levied by Italy and the Isle of Man breached common tax rules and distorted competition.
The Commission said it had sent a letter of formal notice, the first step in its infringement proceedings, to Italy for not levying the correct amount of VAT on the leasing of yachts.
It also warned Italy about its system of exemptions for fuel used to power charted yachts in EU waters, in a notice called a reasoned opinion. This second step is typically followed by court action if countries fail to allay the Commission’s concerns.
Britain also received a letter of formal notice over the Isle of Man’s VAT practices related to supplies and leasing of aircraft. The island, located between Great Britain and Ireland, is a self-governing territory that is under British sovereignty although not part of the United Kingdom.
“It’s simply not fair that some individuals and companies can get away with not paying the correct amount of VAT on products like yachts and aircraft,” European Taxation Commissioner Pierre Moscovici said in a statement.
Italy and the UK have two months to respond to the letters of notice before they get a warning. In the excise duty case, Italy will have two months to convince the Commission or be taken to court.
Cyprus, Malta and Greece were targeted by the Commission for similar yacht VAT breaches in March and have subsequently said they would revise their legislation.


Emiliano Sala’s father Horacio dies aged 58

Updated 26 April 2019
0

Emiliano Sala’s father Horacio dies aged 58

  • Horacio Sala’s sudden passing comes just three months after his son, Argentine striker Emiliano, was killed when the aircraft he was traveling in came down in the English Channel
  • Emiliano, 28, was on his way to Cardiff City after the Premier League side had signed him for a club record £15million from Nantes

PARIS: The father of Emiliano Sala, Horacio, has died at the age of 58 following a heart attack, the mayor of the village where he lived said on Friday.
His sudden passing comes just three months after his son, Argentine striker Emiliano, was killed when the aircraft he was traveling in came down in the English Channel.
“Horacio’s wife called me at five o’clock in the morning. The doctors were already there, he never manged to get over the death of Emi,” Progreso mayor Julio Mueller said.
Emiliano, 28, was on his way to Cardiff City after the Premier League side had signed him for a club record £15million ($19.7million) from Nantes.
The pilot, David Ibbotson, also died in the January 21 tragedy.