From 1st January 2018 large ships must monitor and report CO2 emissions

As of 1st January 2018, according to EU Regulation on monitoring, reporting and verification of carbon dioxide emissions from maritime transport (Regulation No. 757/2015 as amended) ships over 5000 gross tonnage (“relevant ships”), regardless of their flag and subject to a few exclusions (warships, naval auxiliaries, fish catching etc.), will become subject to monitoring and…

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EU Commission approves Maltese tonnage tax scheme

Following an in-depth examination of the Maltese tonnage tax scheme, the EU Commission has conditionally approved under EU State Aid rules the Maltese tonnage tax scheme for a period of 10 years.  The scheme will ensure a level playing field between Maltese and other European shipping companies, and will encourage ship registration in Europe. Malta…

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One Planet Summit: 35 countries pledge to reduce maritime transport emissions

The “Tony de Brum” declaration, signed by 35 countries including among others the UK, France, Denmark, Germany, Canada, Malta and Greece in terms of the first One Planet Summit, aimed at adopting the first strategy for reducing greenhouse gas emissions from ships by 2018 and a revised strategy by 2023. These currently account for 3%…

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The EU issues black list of non-cooperative jurisdictions for tax purposes

Late last week, the Finance Ministers of EU member states agreed on a list of 17 countries which according to the EU have failed to meet agreed tax good governance standards.  These countries are all non-EU member states and are the following: American Samoa, Bahrain, Barbados, Grenada, Guam, Korea (Republic of), Macao SAR, Marshall Islands,…

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ECJ Judgment on VAT (Di Maura C-246/16)

The European Court of Justice has recently issued an important judgement (Di Maura C-246/16) with regard to VAT and specifically to the interpretation of the provisions of the VAT Directive (Directive 2006/112/EC) for bad debts. European Court of Justice release new VAT judgement The Court ruled that, the Member States may not make the reduction…

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Malta elected to the Council of the International Maritime Organization

Malta was elected to the Council of the International Maritime Organisation (IMO) for the 11th consecutive time. The IMO regulates the maritime sector within the United Nations. In this election, which took place during the 30th edition of the General Assembly of this same organisation in London, Malta was elected from amongst 20 countries in…

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Greece published the list of preferential tax regimes for 2016 and 2017

The Greek tax authorities have recently issued a Ministerial Decision by the Minister of Finance (circular ΠΟΛ. 1173/2017) with the list of the countries having a privileged tax regime under the provisions of the Greek Code of Income Tax for the years 2016 and 2017. Greece included in the preferential tax regimes of 2016-2017 As…

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Malta’s ship registry continues growing

Malta continues to be regarded as a strong and safe maritime jurisdiction and so far its efforts are reaping rewards as the Malta flag continues to be the largest maritime flag in Europe and the sixth largest maritime flag in the world. The constant growth of the Malta maritime flag speaks volumes. During 2017 Malta…

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Malta accepts EU grant to explore use of LNG as a marine fuel

In a bid to meet its obligations under the the 2014 EU Directive, Malta’s Energy and Water Agency has been awarded a €600,000 EU grant to explore the potential of have LNG as a marine fuel in Malta.  In accordance with the 2014 EU Directive, Member States have until 2025 to develop LNG refuelling infrastructure…

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Malta Budget 2018

Yesterday evening, the 9th October 2017, Malta Finance Minister Hon Profs Scicluna laid out the plans of the Government for 2018 in the first budget in decades that was put in a context of a surplus for Malta, continual economic growth (currently around 5-6% annually) and record numbers for tourism and employment. Therefore, as the…

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