On Friday 6 April, the European Commission approved, for a period of ten years, a Portuguese tonnage tax regime and a scheme to support seafarers, in order to encourage the competitiveness of maritime transport, preserve employment in the sector and promote high environmental standards.
The tonnage tax will take the form of a payment by operators of taxes based on the tonnage of their fleet rather than their taxable profits. It will apply to their core revenue from maritime transport...