The European Commission this week approved plans for the Spanish shipping industry to move towards a tonnage tax system similar to those approved for the Netherlands, Germany, and the United Kingdom.
The move, which will allow the country's maritime shipping companies to pay tax on the capacity of their vessels rather than on the profit or loss generated, has been made in accordance with 1997 Commission guidelines, which stated the need to reduce the tax burden on the shipping industry within the EU.
Under the new system, Spanish shipping companies will be able to opt for 10 year permissions to pay taxes on the capacity of their ships at a fixed daily rate. A spokesman for the European Commission said that the decision would: 'preserve employment and shipping activities in the EU.'
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