Luxury yacht tax checks net €20m

A crack down on financial fraud involving luxury yachts in the Mediterranean has resulted in extra tax demands totalling almost €20m, the finance ministry said in a statement.

The total is expected to rise over the next few weeks, the ministry said.
Dutch officials and officials from nine other EU countries were involved in spot checks on 150 yachts based in different ports. In total, the operation raised almost €90m in unpaid tax.
The probe focused on whether the yachts are for business or private use. Owners given an extra tax demand had claimed the yacht was for business use, which is subject to lower tax rates.

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