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LATEST NEWS
Stefan Sultana appointed Hamrun coach
Stefan Sultana has been appointed the new coach of Hamrun Spartans, taking over from Jesmond Zammit who resigned yesterday after Hamrun were defeated by Mqabba. Sultana, a former long-serving player of the Spartans, has a mountain to climb, with Hamrun in the place before last in the league table.
Stefan Sultana has been appointed the new coach of Hamrun Spartans, taking over from Jesmond Zammit who resigned yesterday after Hamrun were defeated by Mqabba. Sultana, a former long-serving player of the Spartans, has a mountain to climb, with Hamrun in the place before last in the league table.
Europe still in the grip of the Big Freeze
The big freeze continued to overwhelm parts of eastern Europe today as record snowfall and harsh temperatures brought entire regions to a standstill. Serbia and Bosnia shut schools and struggled to continue public transport and rubbish collections, as authorities focused on trying to help thousands trapped in remote mountain villages. People across the continent were continuing to dig out from heavy snow after a week of bitter cold in which the death toll, mostly homeless people, continues to rise into the hundreds. Temperatures have fallen as low as minus 36 Celsius in Ukraine, the hardest-hit country. The big freeze has caused traffic chaos throughout Europe, blocking roads, and shutting down airports. But it has also offered opportunities for snowy fun: Ice skaters in the Netherlands were hopeful they could stage a race that has not happened in more than a decade; children in Rome and along the usually temperate Adriatic coast in Croatia frolicked in rare snow; and Bosnians in the capital, Sarajevo, spontaneously organised a winter "Olympics" in which they boarded down main streets and leapt out of windows into deep snow...
The big freeze continued to overwhelm parts of eastern Europe today as record snowfall and harsh temperatures brought entire regions to a standstill. Serbia and Bosnia shut schools and struggled to continue public transport and rubbish collections, as authorities focused on trying to help thousands trapped in remote mountain villages. People across the continent were continuing to dig out from heavy snow after a week of bitter cold in which the death toll, mostly homeless people, continues to rise into the hundreds. Temperatures have fallen as low as minus 36 Celsius in Ukraine, the hardest-hit country. The big freeze has caused traffic chaos throughout Europe, blocking roads, and shutting down airports. But it has also offered opportunities for snowy fun: Ice skaters in the Netherlands were hopeful they could stage a race that has not happened in more than a decade; children in Rome and along the usually temperate Adriatic coast in Croatia frolicked in rare snow; and Bosnians in the capital, Sarajevo, spontaneously organised a winter "Olympics" in which they boarded down main streets and leapt out of windows into deep snow...
Drugs case woman says she was set up by 'boyfriend'
A Romanian woman who arrived in Malta allegedly carrying one kilogram of heroin hidden in the false bottom of her suitcase told police that her boyfriend had set her up. Adela Mariana Creta, 24, arrived on a flight from Brussels in August 2009. Once the drugs, worth €41,000, were found she claimed she had no knowledge of them, Police Inspector Jesmond Borg testified. She said that her boyfriend had given her the bag. She is pleading not guilty to importing the drugs and possession in circumstances which denote it was not for her exclusive use. Inspector Borg said that while under arrest she began shouting that she did not trust me. The case continues.
A Romanian woman who arrived in Malta allegedly carrying one kilogram of heroin hidden in the false bottom of her suitcase told police that her boyfriend had set her up. Adela Mariana Creta, 24, arrived on a flight from Brussels in August 2009. Once the drugs, worth €41,000, were found she claimed she had no knowledge of them, Police Inspector Jesmond Borg testified. She said that her boyfriend had given her the bag. She is pleading not guilty to importing the drugs and possession in circumstances which denote it was not for her exclusive use. Inspector Borg said that while under arrest she began shouting that she did not trust me. The case continues.
Bus driver loses licence for a month after accident
A bus driver has lost his licence for a month and been condemned to a suspended jail term after his private car mounted a pavement and hit two teenagers leaving one of them seriously injured. David Attard, 21, from Qormi admitted to involuntarily causing serious injuries to Reece Debono, 13 and slightly injuring Kurt Scicluna, 16, while driving at excessive speed. David Attard was in his Volkswagen in St Sebastian Street, Qormi, on Saturday afternoon when he lost control and veered off the road a few metres away from a zebra crossing. One of the victims was slammed against a metal door during the incident. In pleas on punishment, defence lawyer Edward Gatt argued that his client was a first time offender and asked for the minimum punishment to be meted out. Police Inspector Joseph Agius told Magistrate Giovanni Grixti that the vehicle's brake marks measured 43.8 metres and the crash took place five metres away from a zebra crossing. The youngest of the victims ended up with three broken toes and may have to have one of them amputated. Magistrate Grixti handed down a six month jail term suspended for one year and also...
A bus driver has lost his licence for a month and been condemned to a suspended jail term after his private car mounted a pavement and hit two teenagers leaving one of them seriously injured. David Attard, 21, from Qormi admitted to involuntarily causing serious injuries to Reece Debono, 13 and slightly injuring Kurt Scicluna, 16, while driving at excessive speed. David Attard was in his Volkswagen in St Sebastian Street, Qormi, on Saturday afternoon when he lost control and veered off the road a few metres away from a zebra crossing. One of the victims was slammed against a metal door during the incident. In pleas on punishment, defence lawyer Edward Gatt argued that his client was a first time offender and asked for the minimum punishment to be meted out. Police Inspector Joseph Agius told Magistrate Giovanni Grixti that the vehicle's brake marks measured 43.8 metres and the crash took place five metres away from a zebra crossing. The youngest of the victims ended up with three broken toes and may have to have one of them amputated. Magistrate Grixti handed down a six month jail term suspended for one year and also...
Mepa: Mosta oil clean-up well underway
Mepa said this evening that most of the oil spill reported yesterday at Wied il-Ghasel Mosta, has been successfully removed. The operator of the yard which caused the spill is cooperating with the authorities and will be covering the costs of the operation. The Authority said it had worked to ensure that the clean up operation which started yesterday, was carried out with sensitivity and successfully concluded in the shortest period of time. The spill started from an adjacent site at Wied Santa Katerina. Yesterday afternoon, Mepa officers immediately went on site following a report by the Police that an oil spill from a 45-gallon drum in an adjacent yard at Wied Santa Katerina had occurred. The Mepa officers assessed the extent of the spill and took steps to ensure that the spill was contained. They then started started to coordinat the clean up. A private company was engaged to assist in the operation. "Mepa will consider what appropriate action to take against the operator after the clean up operation within the valley is completed," the Authority said.
Mepa said this evening that most of the oil spill reported yesterday at Wied il-Ghasel Mosta, has been successfully removed. The operator of the yard which caused the spill is cooperating with the authorities and will be covering the costs of the operation. The Authority said it had worked to ensure that the clean up operation which started yesterday, was carried out with sensitivity and successfully concluded in the shortest period of time. The spill started from an adjacent site at Wied Santa Katerina. Yesterday afternoon, Mepa officers immediately went on site following a report by the Police that an oil spill from a 45-gallon drum in an adjacent yard at Wied Santa Katerina had occurred. The Mepa officers assessed the extent of the spill and took steps to ensure that the spill was contained. They then started started to coordinat the clean up. A private company was engaged to assist in the operation. "Mepa will consider what appropriate action to take against the operator after the clean up operation within the valley is completed," the Authority said.
Advantages of registering a yacht under the Maltese Flag include:
1. No restrictions on the nationality of the ship owner
2. Low company formation and ship registration costs
3. No restrictions on the nationality of the master, officers and crew
4. No restrictions or taxation on the sale or transfer of shares of a company owning Maltese registered ships
5. No restrictions or taxation on the sale and mortgaging of Maltese registered ships
Any vessel can be registered under the Maltese flag and recent changes to the law have made it possible for all citizens of an EU Member State, and a Company registered anywhere in the world to own a Maltese registered vessel without the requirement of setting up a Company in Malta.
Notwithstanding that a company is not strictly necessary by law, the set up and registration of a company to own the yacht, whenever this is required, are also inexpensive, and the advantages of reduced personal liability, and the anonymity offered by the ownership of a yacht through a company generally attract owners to go for this option. The transfer of shares within the Company owning the yacht is also exempt from taxation, and likewise a Maltese company owning a Maltese registered yacht is not taxed on the sale and mortgage of such yacht. The first step in registering a vessel under the Maltese Flag is provisional registration which lasts 6 months, during which all necessary documentation must be provided. The vessel will subsequently be permanantly registered.
Private Yacht Registration
Documentation required for Provisional Registration of a Private Yacht:
- Power of Attorney
- Application form including relevant yacht details
Documentation required for Permanent Registration of a Private Yacht:
- Yacht Survey
- Original Bill of Sale
- Original CE Marking Certificate
- Builder's Certificate
- Radio installation and License Application to be filled in by surveyor
- Carving and Marking (provided by the Malta Maritime Authority upon provisional registration) to be signed by Surveyor and returned to MMA
- Certificate of Cancellation (when vessel has been registered in a different registry)
- Declaration that yacht has not been registered elsewhere (when applicable)
- Returning of the Provisional Certificate
Commercial Yacht Registration
Documentation required for Provisional Registration of a Commercial Vessel:
- Power of Attorney
- Application (including all yacht details)
- Compliance with Commercial Yacht Survey (for operational provisional)
- Load Line Certificate and International Tonnage Certificate (if vessel exceeds 24 meters)
Documentation required for Permanent Registration of a Commercial Vessel:
- Yacht Survey
- Original Bill of Sale
- Original CE Marking Certificate
- Builder's Certificate
- Radio installation and License Application to be filled in by surveyor
- Carving and Marking (provided by the Malta Maritime Authority upon provisional registration) to be signed by Surveyor and returned to MMA
- Certificate of Cancellation (when vessel has been registered in a different registry)
- Declaration that yacht has not been registered elsewhere (when applicable)
- Returning of the Provisional Certificate
VAT PAYMENT
At Maltese law, for the purpose of VAT, the lease of the yacht is considered a supply of services with the right of deduction of input VAT by the lessor, where such right applies. This supply of services is taxable according to the use of the craft, attributed within the territorial waters of the European Union (EU), provided that the lessor is a Maltese company (including a commercial bank) which is leasing the craft to any Maltese or non-Maltese person or company.
The guidelines issued by the Maltese Vat Department establish the estimated percentage portion of the lease based on the time that the craft is used within the territorial waters of the EU. These percentages are set according to the length of the craft and its means of propulsion (power or sailing).
The standard rate of VAT of 18% is only applied on the established percentage of the lease, deemed to be related to the use of the craft in EU territorial waters. The minimum rate is paid on a yacht of 24 meters or bigger, where the 'vatable' portion is established at 30% with an effective rate of VAT and tax of between 5.4 and 6.2 per cent.
A financial leasing agreement is drawn up between a Maltese company and any Maltese or foreign person or company. Prior to the set up, approval is sought in writing from the Commissioner of VAT who is to confirm the rate applicable according to the use in EU territorial waters (depending on the size and propulsion of the craft), as well as the acceptability of the value of the craft as declared. For this purpose a valuation certificate of the craft is submitted with the application for approval.
Payments are divided into two phases - An initial contribution is paid by the lessee to the lessor amounting to 50% of the value of the craft. Subsequently, Lease instalments are paid every month by the lessee to the lessor, and the law (guidelines) requires that the lease agreement should not exceed 36 months.
Furthermore, the lessor is expected to make a profit from the leasing agreement over and above the value of the boat, and the purchase value at the end of the lease agreement must not be less than 1% of the original value of the craft, and this will is subject to the standard rate of VAT at 18%
If the lessee opts to purchase the craft at the end of the lease, a VAT paid certificate is issued to the lessee provided that all VAT due has been paid.
GUIDELINES REGARDING VAT TREATMENT OF YACHT LEASING
What is a leasing agreement of a pleasure boat?
A leasing agreement of a pleasure boat is an agreement whereby the lessor (the owner of a boat) contracts the use of the boat to the lessee (the person who leases the boat) in return for a consideration. In addition, at the end of the lease period, the lessee may opt to purchase the boat at a percentage of the original price. The final purchase is strictly an option which may be exercised at the end of the lease for a separate consideration.
How is the leasing agreement treated for VAT purposes?
For the purpose of VAT, the lease of the boat is a supply of services with the right of deduction of input VAT by the lessor, where the right of input VAT applies. This supply of services is taxable according to the use of the boat, attributed within the territorial waters of the European Union (EU), provided that the lessor is a Maltese company which is leasing the boat to any Maltese or non-Maltese person or company.
How is the use of boat within EU territorial waters calculated?
It is very difficult to trail the movements of pleasure boat in order to determine the period that the boat spends within the territorial waters of the EU and the time it spends outside the EU. In this regard, these guidelines establish the estimated percentage portion of the lease based on the time that the boat is used within the territorial waters of the EU. These percentages are set according to the length of the boat and its means of propulsion (power or sailing). The standard rate of VAT of 18% is applied on the established percentage of the lease, deemed to be related to the use of the boat in EU territorial waters. The table below indicates the established percentage portions according to the type of boat:
- The leasing agreement shall be between a Maltese company and any Maltese or foreign person or company.
- The Lease instalments shall be payable every month for a period of not more than 36 months.
- Prior approval shall be sought in writing from the Commissioner of VAT and each application will be considered on its own merits and certain conditions may be applied. Moreover the Commissioner of VAT may require the lessor to submit details regarding the use of the boat.
If the lessee exercises an option to purchase the boat after the end of the lease, a VAT paid
certificate will be issued to the lessee provided that all VAT due has been paid.
