SPANISH TONNAGE
March 1st, 2002
BY KEITH NUTHALLTHE EUROPEAN Commission has approved a special Tonnage Tax in Spain, where the country's maritime shipping companies pay tax on the capacity of their ships rather than the profit or loss that they generate.Brussels approved the plan under its EU internal market powers, because it matches policies stated in the 1997 Commission guidelines on state aid to maritime transport and its new transport white paper. Notably, these papers stress the need to reduce the tax burden on the EU shipping industry and a Commission statement said that this would be ...
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