How does GetMyBoat handle VAT?
Certain European countries are subject to Value Added Tax (VAT). GetMyBoat is obligated to report earnings from bookings to the European Trade Commission for any company that doesn't have a valid and current VAT. Please note that if you do have a valid VAT number but it is not in your GetMyBoat payout method section, you will have VAT deducted from your payout on top of GetMyBoat's service fees. To add your VAT, follow these steps:
If you are a VAT-registered business
- To add your VAT number, log into your GetMyBoat account
- Go to the Payout Methods under Account in the left-hand sidebar.
- You can select either Bank Transfer or PayPal as your payout methods. Once you enter your address, it'll ask for your VAT number. Please include your country code with your VAT number.
- Is your VAT ID not working? Please make sure that you've renewed your registration or that your registration is valid and current. For reference, GetMyBoat uses the two websites below to validate your VAT. Feel free to enter in your VAT to check to see if it appears valid. If your VAT appears to be not valid in either or both of the below sites, please provide GetMyBoat with a site that displays your VAT numbers as valid.
VAT Verification Websites
- VAT Layer: https://vatlayer.com/
- VIES VAT number validation: http://ec.europa.eu/taxation_customs/vies/vatRequest.html
If you are not a VAT-registered business
GetMyBoat will automatically calculate and deduct VAT from your payout, which we then report to the tax authority in your country. The VAT percentage is not determined by GetMyBoat; the percentage is calculated by the European Commission depending on your location and applied. We are required to deduct and report VAT to the European Commission and abide by European Union tax laws.
If you wish to register your business as a VAT business, registering as a VAT entrepreneur, or have questions about VAT in general, we suggest that you contact a tax agent or adviser in your country.