Great news for the yacht owners in Italy have been announced by PG Legal, as the budgetary law, also known as the “Stability Law”, approved by the Italian Parliament on 28 December 2015, has abolished the tax on yachts having a length of or exceeding 14 meters.

Lady Sara yacht in Portofino Italy – Photo by Kasia Palac

The hideous tax was introduced by the Monti Government in 2013 in what was known as the “Save Italy” Decree (Decreto Salva Italia) as a measure aimed at – as the name of the provision suggests – saving Italy from dire straits at the peak of the global financial crisis.

With a view at restoring the lost faith in the economy and in the financial system as a whole, the Renzi Government has backed a serious of tax breaks that were enacted in the Stability Law including the “possession tax” (tassa sul possesso) on mega yachts. As a result, yacht owners of will no longer be required to pay the yearly tax.