ACT NOW TO EXPLOIT DANISH VAT LOOPHOLE

27 Oct 2009

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THE loophole which allows aircraft to be imported into the European Union VAT-free via Denmark will close on 31 December this year.

There is no truth in rumours of an extension to this deadline, says Lasse Rungholm, boss of import specialists OPMAS.

"We still hear a lot of rumours about a time extension for the Danish 0% VAT," Lasse told LOOP. "These are NOT true. It WILL stop by 31.12.2009. There are no plans to change anything. In 2 months it is over!

"If you are considering buying an aircraft and want to save the VAT and raise the resale value now is the time to do it.

"After 31.12.2009 we have the so-called 'transition period'. All cases handled in the transition period - between 01.01.2010 and 30.06.2010 - requires certain documentation in order to benefit from the then 'old' Danish 0% VAT.

"We need a copy of the invoice as well as the purchase agreement (it MUST be signed no later than 31.12.2009 by both seller and buyer) to support the invoice. This is the required documentation to be presented to Danish Customs for all imports taking place from January to June 2010. The invoice and purchase agreement must be completely in sync showing the same information about buyer and seller and the aircraft must be identified by type, construction year, serial number and registration number.

"We will be glad to review the purchase agreement in order to make sure it is compliant with the requirements from Danish Customs and if we foresee any questionable aspects we will recommend that we ask the Danish authorities for written approval.

"We have received written approval that aircraft purchased and paid in full before 31.12.2009 can be imported at any time in the future also after 30.6.2010. We can and will obtain such written approval in the name of the (prospective) buyer and/or importer. This applies to imports as well as intra EU sales. We have approvals for Mustangs, D-Jets and helicopters to be delivered as late as 2012."

W: www.opmas.dk

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