Italian wealth tax on foreign flagged yachts

I seems that the Italian Tax authorities have wisely decided to exempt foreign flagged vessels from the new "austerity tax" being introduced from May 2012 and that was originally to be levied on all yachts in Italian Waters. Apparently this change of heart came about after the Tax authorities realized what a terrible effect such taxation would have on the Italian leisure, tourist, yachting and associated shore-side industries, just as similar legislation did in Spain where many marinas are now half empty