Greek tax changes will affect shipping companies
The international accountant and shipping adviser Moore Stephens says changes to the country’s tax laws that were recently approved by the Greek parliament will impact companies engaged in the shipping industry. There is a new requirement for Greek shipowners to pay tonnage tax on ships operating under flags other than the Greek flag which are managed by companies based in Greece, or offshore companies which have a branch in Greece, operating under law 89 of the Greek constitution. A new range of levies has also been introduced for companies providing services to the shipping sector in Greece, affecting shipbrokers, insurance brokers, agents, average adjusters, charterers and others, irrespective of whether they provide services to Greek or foreign flagged ships, but exclude ships trading on purely domestic routes and some passenger ships. Shipowners and ship management companies are exempt.