The Financial Times speak against the registration tax that only applies in Spain

"Squeeze the rich can be counterproductive," is the title of an article in May 24th edition of the business daily Financial Times showed their displeasure with the Special Tax on Certain Means of Transport and echoed the damage caused by this tax in the Balearics. In its supplement "Yachting & Marinas" it ensures that the charter industry "has been almost destroyed" in Spain because of the tax payable by vessels over 8 meters. The prestigious newspaper cites a recent report by the National Association of Marine (ANEN) to illustrate its claim : in 2011 this special tax raised EUR 1.5 million, while "normally we would earn 600 million through the extra traffic, revenue from marine, shopping in stores, restaurants and other expenses that had been generated by users of charter who were deterred from operating in Spanish waters. "

To make the article they consulted with Patricia Bullock , director of yachts in the company Altius SA and member of the EU Working Group of the Association of Balearic Nautical (AENB). Patricia Bullock says that much of the damage being done to charter could be mitigated by exempting them from paying this tax. "It is not about doing favours for the rich, but that the rich come to Spain to spend their money and inject the economy," she explains.

The article emphasizes that all the money that has left the Spanish coffers goes to the French, the country where the government allows an exemption from VAT for full commercial charters starting in France and "that involves flights, spending on hotels, supplies ...".According to maritime lawyer James Lawson (quoted in the article) " that The French economy is 30 times more than it had been if it had raised VAT ".

The Financial Times article concludes by advising governments "caution" and "take into consideration the overall economic benefit of the superyacht industry."

Here you can read the full article