The European Commission has now decided to bring action before the European Court of Justice (“ECJ”) concerning the VAT exemption applied by France to certain transactions involving vessels – commonly referred to in yachting circles as the French Commercial Exemption (“FCE”). In a press release from Brussels dated 29 September 2011, the Commission accuses France…
Luxury Yacht Charter & Superyacht News
Luxury Yacht & Superyacht News Brief for VAT Exemption
Changes in French VAT Exemption for Commercial Vessels
January 18, 2011
France has published a change in its VAT law and policy relating to commercial vessels. Published as Article 70 of Law No 2010-1658 of 29 December 2010 amending Article 262 of the unified French Tax Code, the Code Général des Impôts, the change now limits VAT exemption only to those commercial vessels operating on the high seas.
