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VAT on Foreign-Owned Yachts Blamed for Decline in Business Over the Last Year

SMALL business owners said the imposition of VAT on foreign-owned yacht charter fees had contributed tremendously to the industry’s decline in the past year.

The Department of Inland Revenue introduced a VAT rate of ten per cent last year that required foreign-flagged charter yachts to pay this rate on the value of their charter contracts.

Source: www.tribune242.com

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