Legal Notice 231 of 2023, published on October 6, 2023, introduces the Value Added Tax Act (Amendment of Eight Schedule) Regulations, 2023, effective from January 1, 2024. Its purpose is to implement paragraph 5 of Council Directive (EU) 2022/542, amending VAT rates in the EU. This allows member states to reduce VAT rates to 12% on certain items not listed in Directive Annex iii to achieve uniformity.
Malta will apply this provision, reducing the VAT rate from 18% to 12% for short-term lease of pleasure boats. The amendment adds a new item (item 14) to the Eight Schedule of the Value Added Tax Act, specifying conditions for this reduced rate: applicable to pleasure boat hire for up to five weeks starting January 1, 2024.
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