Taxation law and Customs duties are unavoidable when importing a vessel through to running a business.
It is essential that you are aware of all of your tax and customs obligations from the outset when importing a vessel. However, equally taxation law is complex and working out your obligations can be confusing when it is a one off procedure your undertaking.
The question of importing a vessel needs to be well planned an thought out from the outset, before any agreement is agreed or signed. This planning will be significant in being able to minimise your tax and customs duty that may be payable. Depending on where in the world you are expecting to import you boat to these tax and customs duty laws will vary. For example in Australia a law exists allowing vessels over 150 Gross Construction Tons in accordance with subsection 4(3) of the Bounty (Ships) Act 1989, to avoid certain customs tariffs. When applied to an import in certain situations this could mean significant savings for the owner.
On the other side of the equation the need to plan is paramount as certain countries are aligned with each other in respect to trade concessions, such as Australia and America that allows for works done to a vessel in America to be considered in relation to importing to Australia. Whereas, works completed by their northern neighbour Canada, at this point in time, do not carry the same benefits. This is an example of how not preparing or getting the right Maritime Tax Legal advice can significantly effect the costs incurred by an owner importing the vessel from a country not aligned with Australia.
Our in depth knowledge and client focused approach helps you to minimise costs, we want to ensure that you understand and comply with your obligations. We aim to simplify the process into plain English. Our in-depth knowledge of taxation law and an experienced team ready to provide you with the right advice to enhance your business potential.