On Thursday 8 March, the European Commission stepped up its action against European countries that it considers are not correctly levying VAT on yacht sales. It announced that letters of formal notice were to be sent to Cyprus, Greece and Malta.
In November of last year, the International Consortium of Investigative Journalists (ICIJ) revealed in the Paradise Papers a VAT fraud involving, amongst others, Formula One world champion Lewis Hamilton, who managed to avoid paying more than €5...