Might as well start the year with a bit of good news, even if it’s a little old by now.
On 11 December the Government gave us a xmas present with the announcement by the Minister of Customs the Temporary Import period for yachts, launches and small craft will be extended from 12 months to 24 months.
This means visitors coming to NZ on their yachts or launches can stay here longer without having to pay duty or GST on the value of their vessel. They’ll be able to have more work done by our brilliant marine businesses, will be able to spend more time visiting NZ’s amazing tourist attractions and will be able to spend more money here.
Around 700 private craft visit NZ every year of all shapes and sizes. Marine industry representatives reckon this measure will increase that number by 25%.
This is surely good news. An incentive for visiting yachties to stay longer.
Barrister, Director and Consultant specialising in tax, family enterprise governance and succession, helping start ups and entrepreneurial enterprises grow safely and international expert on value added tax policy and implementation.