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Yachting Industry

Popular Yachts / October 16, 2016

THE YACHT Services Association of Trinidad and Tobago (YSATT) has actually welcomed removing Value Added taxation (VAT) from international yacht services from January. In a media release on Tuesday, YSATT said there had been a decline in boat arrivals since VAT had been imposed.
The release claimed: “The Yacht Services Association of Trinidad and Tobago (YSATT), which presents dozens of companies therefore the a large number of employees directly and indirectly involved in Chaguaramas maintaining the needs of seeing yachts, as well as in the procedure engaged in making valuable foreign currency, warmly welcomes the minister’s announcement that VAT will undoubtedly be taken off these types of services as from January 1, 2017 consistent with standard on various other Caribbean islands. The imposition of VAT on boat solutions generated a marked drop in yacht arrivals this year so any VAT gathered is at the expense of jobs in this industry and a reduction of corporate fees compensated. Indeed numerous corporations have already began to go their businesses and employees to neighbouring countries where VAT is not recharged.”
“YSATT looks toward working closely utilizing the federal government to reverse this regrettable trend and increase the yacht service sector once we still broaden the economy, ” the production stated.
In September YSATT had known as on input associated with Ministries of Trade and of Tourism since there was a decline inside few visits from international yachts docking with all the imposition of VAT on marine solutions, resulting in a loss in currency exchange together with closure of some businesses.
The relationship had stated your Chaguaramas yachting industry nonetheless maintained many advantages over various other regional countries since it is underneath the hurricane belt, is highly supported by a well-developed manufacturing and technical community, and contains years of experience restoring and storing ships.

Source: www.trinidadexpress.com