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Greece Required To Dull Shipping Tax Incentives

by Ulrika Lomas, Tax-News.com, Brussels

27 August 2015


Greece is expected to hike the tonnage tax faced by local shipping companies, as part of its third bailout agreed with international creditors in August.

A memorandum setting out the bailout terms requires that Greece phase out special tax treatments for the shipping industry and increase the tonnage tax.

It is expected that Greece will raise its tonnage tax rate by four percent each year between 2016 and 2020, although the plans have yet to be firmed up by the Government and its creditors. It is said that the increased tax burden will impact both Greek-flagged and foreign-flagged vessels owned by Greek entities.

TAGS: tonnage tax | tax | marine | Greece

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