NEWS

Yachts imported into Russia will be exempt from duties

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The Government has started to take the first steps in the promised development of yachting. According to the newspaper «Izvestia», the Ministry of Economic Development will temporarily exempt yachts and other imported vehicles used for recreation and sports in Russia from taxes and customs duties.

As Elena Lashkina, the assistant to the Minister of Economic Development, said it would certainly contribute to creating favourable conditions for the development of yachting in the coastal areas of the country.

As of today customs duties and taxes on imported yachts are calculated according to the formula: « import customs duty rate + VAT rate of 18% + customs fees for customs operations».

In practice, according to the experts, the total customs duties are up to 40%.

In addition the press service of the Ministry of Transport said that in the ports of Kerch, Sevastopol, Yalta, Feodosia and Evpatoria procedures for registration of entry and exit of small size, sport sailing and pleasure boats will be simplified.

However the main problem of yachting in Russia is still underdeveloped infrastructure for boat storage and maintenance.

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