Wednesday, June 20, 2012

Balearic loses millions because of the tax on large yachts

The Balearic economy is losing each year between 3 and 6 million euros due to the reluctance of the large yachts chartering in the Balearic Islands due to the tax paid, only in Spain, on vessels over 15 meters.

This was stated the by the President of the Nautical Association of the Balearic Islands (AENB), Margarita Dahlberg, on the occasion of the celebration in Palma of the conference "The future of superyachts" which has been opened by the President of the Balearic Islands, José Ramón Bauzá.

Spain is the only country in Europe where charter boats over 15 meters in length which are able to work or are rented to residents are taxed at the special tax on certain means of transport, known as the registration tax (RT). The tax rate is 12% of the value of the yacht.
Dahlberg has described as "ridiculous" the tax, that does not exist for other Spanish industries like automotive and aeronautics, where size is not taxed. This is affecting the whole of the Balearic private sector, theboat repair industry, car rental, catering, florists, etc,is failing to gain every season, especially at a time of crisis.

In this sense, Bauzá has explained the "absolute commitment" of the executive to intercede against the Spanish State to eliminate this tax because it is a claim "just and necessary" and it creates an "unfairness" against other Europeans countries.

"It is necessary, he added, because they permit the entry and expanded in the Balearic market for large yachts, and is just as it will eliminate a tax that creates an unfairness to the rest of Europe that seriously harms us."

The president has spoken of the Balearic marine industry as a source of wealth creation in the Balearic Islands, especially in an economic situation of "extreme difficulty".

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