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Greeks' Voluntary Tax Incorporated into Law

To match feature GREECE-ECONOMY/SHIPPINGIn July 2013, following discussions with the Greek government, the union of Greek shipowners agreed to “voluntarily” increase their tax contributions.
On Tuesday, September 30, following the formal submission of the amendment, the Greek shipowners’ voluntary tax contribution to Greece ’s treasury was incorporated into the relevant article of Greek law.
According to the new deal, between 2014 and 2017 Greek shipowners will be required to pay 105 million euros per year in taxes, bringing their total contribution to 420 million euros in just four years.
The additional taxes are expected to boost Greek markets struggling to regain their ground since 2008. Yesterday’s law amendment added the word “voluntary” in regards to the contribution; the payment period was also extended by a year, set to begin at the end of October 2014.
The last installment is expected by February 2017. It will be therefore be accounted in the country’s 2016 budget.
The agreement applies to 478 Greek shipping companies. Meanwhile, shipowners are expected to continue paying their tonnage tax as before.

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