New Zealand’s marine and tourism industries will benefit in a number of ways following the Government’s decision to extend the temporary import entry (TIE) period for visiting superyachts and cruising yachts to New Zealand from the existing 12 months to 24 months. As reported by Marine Business News.

Published 11 years ago, updated 6 years ago

All goods coming into New Zealand, including yachts, are normally subject to duty and GST. Visiting yachts are granted a temporary import entry to exempt owners from paying these charges if they aren’t used commercially or sold, and depart the country within the time period.

Yesterday’s (11 December 2013) announcement from Customs Minister Hon. Maurice Williamson confirms the extension of the temporary import entry period from 12 to 24 months and is expected to be well-received by the world’s sailing-cruising fraternity and regions throughout New Zealand which stand to gain an economic boost from additional numbers of visiting yachts.

Peter Busfield, executive director of the New Zealand Marine Industry Association (NZ Marine), says: ‘The extended temporary import entry period is one of the key regulatory changes NZ Marine has been seeking as we aim to double the export earnings of our industry over the next six years.

‘The 24-month TIE makes New Zealand as a destination for visiting superyachts and cruising craft much more appealing, especially for vessels based in the Mediterranean and the United States which will now have greater flexibility to plan the long and exciting journey down-under to enjoy New Zealand’s scenic highlights and highly regarded hospitality.’

Read the rest of this report at www.marinebusiness-world.com.