Greek Shipping Firms Unhappy Over Existing Tax Regime

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The Greek shipping companies have blamed tax as a reason for not switching to an alternative jurisdiction.

Report highlights unstable tax structure:

The report named, “Repositioning Greece as a Global Maritime Capital,” found the lack of a stable regulatory regime and tax issues were “by far” the main disadvantages of Greece as a ship-management location. As a result, more than half of those surveyed would consider relocating their ship management functions, with London, Dubai, and Singapore given as the most favored destinations.

Concerns faced by shipping companies:

The results of the survey highlights the following key points:

  • 69 percent of respondents saw Greece’s regulatory environment as a disadvantage, with tax matters cited as a negative factor by 62 percent of respondents.
  • Most of the respondents (84 percent) also said that the tax framework was their main concern when considering the jurisdiction of relocation.
  • Specifically, concerns were raised by survey respondents about plans under consideration by the EU Commission to increase the Greek tonnage tax, apply taxation on dividends and tax transfer or inheritance of shares.

Need for stable tax framework:

The report concluded that “maintaining a stable tax framework and establishing a favorable tax environment for the relocation of expatriates is crucial for strengthening the position of Greece compared to emerging shipping centers.”

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