The European Commission has sent letters of formal notice to Cyprus, Greece and Malta for not levying the correct amount of Value-Added Tax (VAT) on the provision of yachts.
The EU said it had acted as the matter "can generate major distortions of competition and featured heavily in the coverage of last year\'s \'Paradise Papers\' leaks."
The Paradise Papers revealed widespread VAT evasion in the yacht sector, facilitated by national rules which do not comply with EU law.
As well as the infringement procedures launched last week (08/03/2018) by the European Commission, the European Parliament has recently ...
