The first 2018 issue of our Shipping and Maritime Law Newsletter was recently published and contained a key update related to the EU Commission's approval of the Maltese tonnage tax scheme.
"News of the Commission's approval appeared in the European Commission's Database on 19 December 2017. The press release states that "the European Commission has conditionally approved under EU State aid rules the Maltese tonnage tax scheme for a period of 10 years. The scheme will ensure a level playing field between Maltese and other European shipping companies, and will encourage ship registration in Europe".
Since the publication of our newsletter the Commission has released the full decision, which can be viewed by clicking here.
The Shipping team at GANADO is carefully studying the Commission's decision since this will form the basis of new legislation that we expect to be passed later this year.
The new law that is being proposed augurs well for shipowners, ship operators and ship managers alike in that while confirming and strengthening the current principles of tonnage tax, will also introduce new products that will be aimed to continue to attract players in the shipping industry to work with Malta.
The Shipping Team of GANADO is available to provide information and advice on developments on this front.
Click here to view Issue no.24 of our Newsletter.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
