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Greek Shipowners Agree Extra Tax Payments

by Lorys Charalambous, Tax-News.com, Cyprus

04 July 2017


The Greek shipping industry has agreed to renew a tax agreement under which shipping companies pay additional tax to the Government.

The proposal to extend the voluntary tax agreement between the shipping industry and the Greek Government was reportedly approved unanimously at a meeting of the Union of Greek Shipowners last month.

Under the original tax pact made in July 2013, 441 shipping companies agreed to make extra revenue payments over a three-year period via the Tonnage Tax on cargo. It applied to 90 percent of ships flying the Greek flag, and to 65 percent of Greek-owned ships flying foreign flags.

It is understood that in excess of EUR400m (USD457m) in tax was paid during the three-year period the deal was in force, from 2014 through to early 2017.

The Union of Greek Shipowners has now agreed to extend the tax agreement for an additional year.

TAGS: tonnage tax | tax | marine | Greece | Tax

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