The Government will eliminate the “matriculation tax” on the charter yachts

The Ministry of Treasury and Public Administration, on recommendation by the Ministry of Public Works, will modify by law the Special Tax over Certain Means of Transport, popularly known as the “Matriculation Tax”. The elimination of this tax concerns the recreational vessels over 15 m destined for comercial use.

The Tax over Certain Means of Transport, regulated in the Law of Special Taxes, levies a 12% tax on the value of recreational yachts over 8 m destined for private use and on commercial yachts over 15 m.

Spain is the only country amongst our neighbors that burdens the vessels with this 12% tax on top of the VAT, which means we are not competitive in the charter market. The charter yachts limit their stay in the spanish ports and along the coast during the summer season, and avoid choosing Spain as their winter base, fomenting the delocation elsewhere of companies that serve these yachts.

Hopefully this tax modification improves our competitiveness on the charter market, with a domino effect on the complimentary services in the tourism sector, specially along our Mediterranean coasts. Besides, this will contribute to the yachts staying in the Spanish ports over the winter season and help create more economic activity derived from maintenance, repairs, provisioning etc.

Currently it is estimated that nautical tourism generates approximately 170.000 jobs and contributes to 0,88% of Gross National Product of the Spanish economy. The annual expenditure of yachts over 24 m can vary between 0,8 million euros for the smaller sizes and up to 4 million euros for the larger yachts.