The latest news from around the world on regulatory issues and legislation affecting the boating industry including taxes, trade tariffs, standards and environomental restrictions.
Regulatory Issues and Legislation
The Canadian government passed legislation on Friday ratifying the new US-Mexico-Canada Trade Agreement (USMCA) before shutting down until April 20 as a result of the developing Covid-19 coronavirus pandemic.
European Boating Industry (EBI) has responded to the release yesterday of the European Commission’s flagship Industrial Strategy and SME Strategy, saying that it welcomes their potential to ”support the recreational boating industry in Europe to sustainably grow, create employment and further develop the sector’s global leadership and environmental transition”.
Greek yacht legislation is expected to be simplified over the coming month. For now, the main measures include:
Representatives from NMMA Canada and regional boating trade associations nationwide descended on the Canadian national capital on Thursday in a coordinated lobbying effort aimed at convincing legislators to rethink a proposed 10% luxury tax on boats of more than $100,000.
Efforts by the Prince William County, Virginia Board of Supervisors to reinstate a 20-year-old boat tax were dead in the water when more than 100 boat owners and business people voiced opposition at a public hearing Tuesday night.
The Seychelles government has introduced new policies related to foreign yacht ownership and operation. Under the new rules, according to a Seychelles News Agency report, a foreigner is able to own a yacht if it is over 24m (79ft) in length and valued in excess of $2m.
In financial deliberations of the past few days, the EU has revised the status of two key yachting countries in terms of financial listings. The two states involved are the Cayman Islands and the Marshall Islands, both of which are leading flag registration countries for superyachts.
The European Commission has sent an additional letter of formal notice to Malta whose authorities it accuses of not levying the correct amount of the value-added tax (VAT) on the lease of yachts. Brussels claims that Valetta failed to properly modify its tax system in response to earlier requests by ...
Face with budget shortfalls and looking to fund an ambitious new program, Democratic lawmakers in New York state are gaining support for tax proposals aimed at its wealthiest residents, which include a rollback of sales tax exemptions on megayachts and private airplanes.
The recreational boating industry has growing concern with a growing trend: so-called ‘Right to Repair’ legislation that requires manufacturers to release software information to allow independent retailers to repair electronic products.
The National Marine Manufacturers Association (NMMA) has entered into a Memorandum of Understanding (MOU) with the Canadian government which will reduce paperwork for manufacturers exporting boats to Canada.
European Boating Industry President Jean-Pierre Goudant outlines the future direction of EBI’s efforts to position the boating sector at the heart of EU policy making. In conversation with IBI Publisher Nick Hopkinson, Goudant passionatly advocates the need to have a ’seat at the table’ to tackle industry’s future challenges.