New global corporate tax collides with shipping industry's tonnage tax

The new global corporate tax rate agreed upon by the G7 nations on Saturday risks undermining the cornerstone of how shipping companies are taxed today, through tonnage taxation, says shipping lawyer to ShippingWatch.

Photo: PR/Øresundsbroen/TT NYHETSBYR N

The new global minimum tax rate, which is slowly coming together, is on collision course with the tonnage tax schemes, which most shipping companies are subject to today," says shipping lawyer and partner of London-based law firm Watson Farley, Richard Stephens.

In a comment to ShippingWatch, he notes that the new tax scheme the Group of Seven (G7) agreed upon this weekend is at odds with the tonnage tax scheme.

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