Order no. 917/2014 of the Minister of Public Finance which includes changes to the VAT exemption applicable to vessels has been recently published.
This Order amends the Instructions for the application of the VAT exemption to the operations laid down in art. 143, para. (1) letter a) - i), art. 143 para. (2) and art. 144^1 of Law 571/2003 on the Fiscal Code, as amended and supplemented, approved by Order no. 2222/2006 of the Minister of Public Finance.
Clarifications are provided on the applicability of the VAT exemption for vessels assigned to navigation on the high seas.
The concept “high seas” is defined as the sea area located beyond the outer limit of the territorial sea, namely beyond 12 nautical miles.Apply body text style (included in the style sheet).
Vessels navigating beyond the 12 nautical mile limit, as well as their connected services, should qualify for the VAT exemption.
For a deeper discussion of how this new legislation might affect your business, please contact:
Country Managing Partner, Romania
Tel: +40 21 225 3708