The “Understanding Superyacht and Business Jet Tax” conference, held in Barcelona and organised by Quaynote Communications in collaboration with the Superyacht VAT Think Tank (SYVTT), gathered leading industry professionals, advisors, and regulators to discuss evolving approaches to VAT, customs, and international tax compliance in the yachting and aviation sectors.
Asteria Advisory participated actively in the sessions, reflecting our ongoing commitment to bridging legal, fiscal, and operational perspectives in these highly regulated industries.
Temporary Admission in Aviation
The panel on Temporary Admission (TA) revealed how the system’s legal clarity continues to contrast with fragmented application across jurisdictions.
While the superyacht sector has integrated TA more systematically into operations, aviation still tends to view it primarily through a VAT lens rather than customs procedure.
Residence and user identification remain among the most complex aspects of compliance, particularly where aircraft ownership involves multiple layers or individuals with ties to several jurisdictions.
Speakers agreed that well-documented operational evidence and a clear understanding of user patterns are essential to mitigate risk and demonstrate compliance to tax authorities.
VAT and Customs in the Yachting Sector
The East Mediterranean remains a vibrant charter hub.
Greece’s e-charter framework continues to attract operators and owners, while Italy’s new guarantee requirement for fiscal representatives has introduced an additional compliance layer for non-EU companies.
The UK’s extension of the Temporary Admission period to 24 months was widely welcomed, although the treatment of VAT-paid status when vessels move between EU and UK waters remains uncertain.
Speakers emphasised that careful VAT documentation and consistent communication with local tax offices are essential to maintaining compliance as rules continue to evolve.
Financing and Substance in Aviation Structures
A case study on tax requalification risks highlighted how thin capitalisation, transfer pricing gaps, and lack of commercial substance can expose aviation structures to significant tax liabilities.
In the example discussed, excessive shareholder interest was reclassified as dividends, triggering a 35% withholding tax, even though no payments had been made.
The session underlined the need for arm’s-length financing, robust documentation, and clear operational alignment to maintain defensible aviation ownership and leasing arrangements — especially in an era of heightened scrutiny.
Call-Off Stock and Superyacht Operations
Another panel, co-hosted by Geraldine Spiteri of Asteria Advisory, explored the call-off stock or “quick fixes” simplification — a VAT mechanism allowing suppliers to pre-position goods, such as spare parts and consumables, across EU borders without triggering VAT until the goods are withdrawn.
The simplification offers practical benefits for fleet operators and shipyards by improving logistics and cash flow while maintaining VAT compliance.
It applies strictly to goods, not yachts themselves, and relies on accurate record-keeping and identification of the final customer.
The panel revisited the ECJ decisions in Facet BV and Jyske Finans, which clarified that VAT liability depends on ownership transfer and control of transport — principles that remain central to structuring compliant cross-border supply chains in the superyacht sector.
Looking Ahead
The co-hosts of the conference, who also chair the Superyacht VAT Think Tank (SYVTT), closed the event by sharing exciting plans for 2026 and discussing the possibility of holding next year’s edition in a new European location.
Their forward-looking approach reflects the Think Tank’s growing influence as a collaborative forum for VAT and customs specialists supporting the superyacht and aviation industries.
Building Bridges Between Law and Practice
Across all sessions, the message was consistent: compliance in luxury asset operations now depends on substance, documentation, and demonstrable practice.
As enforcement tightens, owners, operators, and advisors must translate complex VAT and customs frameworks into clear, workable solutions. Understanding superyacht and business jet tax is an important part of advising clients.
At Asteria Advisory, we view this evolution as an opportunity — to continue Building Bridges between law, logistics, and the real-world needs of clients operating across multiple jurisdictions. We have the right contacts to point you to the VAT advisors you will need anywhere in the EU.
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