EPEST Reacts To New Tax Measures

Finance Minister Yiannis Papathanasiou recently announced measures to tackle tax dodging in the sector of leisure boats, which caused a negative reaction from the Hellenic Professional Yacht Owners Association (EPEST).

According to the finance ministry, yacht owners will be obliged to pay an annual luxury tax if the vessel is over 10 meters in length, regardless if the yacht is used for private or professional reasons.

EPEST expressed its dissatisfaction and said that marine tourism, which is in the midst of the greatest crisis of its history, should be helped with measures that will strengthen and develop the sector.

“How is it possible to impose such measures on marine tourism that will eventually lead to the shrinking and perhaps the extinction of the whole industry?” the association wondered.

Prior to the measures, the finance ministry had announced the intention to make a distinction between professional yachts and private boats, as “the yachting sector has many distortions and the existing regulations are abused.”

The ministry also had promised to combat the illegal chartering of foreign flagged private yachts that are either berthed permanently in Greece or are just passing through Greek waters.

EPEST continually questions why Greece’s marine industry, which has a vast number of islands, climate, history and culture, and expertise in both construction and ownership, is systematically excluded from any positive development or measure.