Irish imported yacht owners hit with £700K VAT fines
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Article Date: 2007-05-31
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Irish owners of imported yachts have been hit with fines of nearly £700,000 this year for failing to pay VAT, it has been reported.
The fines have been paid to Revenue Commissioners who for the last five years have been imposing a crackdown on tax evading yacht owners in the form of a rigorous programme of checks at ports.
Throughout 2006, 89 inspections were undertaken resulting in payments of £680,000 from yacht owners, bringing the total collected by the Revenue Commissioners since embarking on the crackdown in 2002 to just over £2 million.
A spokesman for the Revenue told the Irish Examiner: "This is an ongoing operation to ensure compliance with EU Community VAT law governing payment of VAT on new yachts and boats acquired by State residents and imported into the State.
"The operation involves Revenue and the visits by Revenue officials to ports, yacht clubs and marinas to ensure that VAT has been paid on all of the vessels concerned."
Under the terms of Irish law, owners of imported boats are given three days from the date of the boat's purchase to pay tax on the vessels before they are deemed to be in breach of regulations.
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