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Managing suppliers
And avoiding problems
If you choose the FRC, supplier invoices for the purchase of goods and services in France and Monaco will include VAT. However, you can reclaim VAT in your VAT return the following month. One thorny point is that VAT on fuel cannot be reclaimed. However, especially if you are a ‘first time’ yachts, you are not exposed to a VAT liability on the hull.
Importing the yacht under either scheme doesn’t mean you have to use the same scheme when it comes to operations. You can still opt to operate either under VAT exemption or VAT deferment. H&V can provide in-depth guidance on which scheme/s to choose and handle the entire process.
Operating under the FCE enables you to purchase VAT exempt supplies and services. You will have to provide all French and Monegasque suppliers with an FCE Attestation which enables the yacht to benefit for the VAT exemption. When you purchase fuel, you will not pay VAT in France or Monaco (20%) but you will pay excise duty.
You need to comply with the FCE navigation requirements. If this is the first time you are using the scheme and have claimed ‘exemption by anticipation’, failure to do so will mean that VAT will become due on the entire year’s purchasing and on ‘the hull’. ‘Returning yachts’ will not be able to use the FCE in the coming year but they will not have a VAT liability on the hull or the purchase of supplies.
If you have any questions, H&V Yachting provides guidance and assistance for the selection and implementation of either scheme including the paperwork.
Drop us an email if you have any questions at either
GV@HV-Yachting.com or TH@HV-Yachting.com . Alternatively you can reach us at +377+377 99 99 70 18.
Please note that the content is provided for information purposes only and does not constitute advice and should not be treated as such.
Importing the yacht under either scheme doesn’t mean you have to use the same scheme when it comes to operations. You can still opt to operate either under VAT exemption or VAT deferment. H&V can provide in-depth guidance on which scheme/s to choose and handle the entire process.
Operating under the FCE enables you to purchase VAT exempt supplies and services. You will have to provide all French and Monegasque suppliers with an FCE Attestation which enables the yacht to benefit for the VAT exemption. When you purchase fuel, you will not pay VAT in France or Monaco (20%) but you will pay excise duty.
You need to comply with the FCE navigation requirements. If this is the first time you are using the scheme and have claimed ‘exemption by anticipation’, failure to do so will mean that VAT will become due on the entire year’s purchasing and on ‘the hull’. ‘Returning yachts’ will not be able to use the FCE in the coming year but they will not have a VAT liability on the hull or the purchase of supplies.
If you have any questions, H&V Yachting provides guidance and assistance for the selection and implementation of either scheme including the paperwork.
Drop us an email if you have any questions at either
GV@HV-Yachting.com or TH@HV-Yachting.com . Alternatively you can reach us at +377+377 99 99 70 18.
Please note that the content is provided for information purposes only and does not constitute advice and should not be treated as such.
