Greece supports shipowners by removing capital levy on shipping companies
Greece is trying to further its support to the shipping industry by possible removing a capital levy which currently is imposed on shipping companies. This will be a welcome development for the shipping industry in this already large shipping country. One of the aims of this measure would be to repatriate those shipping companies which currently operate from the UK. However further guarantees will be required such as flexibility on the part of the Government, before this is achieved. Greek representatives of shipping companies in the UK have claimed that, provided the right frameworks are in place, shipping companies will in fact return to Greece.
Tax incentives are a very good way to attract business, but these have to be followed up by measures that will ensure that the country’s Registry is one which is looked on with approval by other States. Failing this, a registry will obtain the reputation of being a registry of convenience, and other ports will not be very willing to allow ships to enter and leave their ports. A reliable shipping registry means that, while flexibility and a light touch regime are available on the side of levying, taxes and dues, the regulatory aspect is one of strict control. These controls generally include control of compliance with certain international standards relating to operation, safety and security and preservation and protection of the environment.
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