|Author (Corporate)||European Commission: DG Communication|
|Series Title||Press Release|
|Series Details||IP/18/1451 (08.03.18)|
The infringement procedures concern a reduced VAT base for the lease of yachts – a general VAT scheme provided by Cyprus, Greece and Malta, as well as the incorrect taxation in Cyprus and Malta of purchases of yachts by means of what is known as 'lease-purchase'.
The 3 Member States were given two months to respond to the arguments put forward by the Commission. If they did not act within those two months, the Commission could send a reasoned opinion to their authorities.
The European Commission decided on 8 March 2018 to send letter of formal notice to Cyprus, Greece and Malta for levying the correct amount of Value-Added Tax (VAT) on the provision of yachts.
|Countries / Regions||Cyprus, Europe, Greece, Malta|