EC APPROVES TONNAGE TAX REGIME IN IRELAND

EC APPROVES TONNAGE TAX REGIME IN IRELAND    The European Commission has approved the introduction of a tonnage tax by the government of Ireland.
   The favorable fiscal regime, now adopted by many European countries, replaces the normal corporation tax by a tax based on the net tonnage of the fleet, for maritime companies engaged in international traffic.
   The European Commission said that the intended scheme in Ireland meets all the requirements of European Community guidelines on state aid to maritime transport.
   “These favourable fiscal measures will benefit the employment of Community seafarers and contribute to improving the competitiveness of the Irish merchant fleet,” a spokesman for the EC said.
   Ireland is the eighth European Union country to have introduced a tonnage tax. The other countries are Greece, the Netherlands, Denmark, the United Kingdom, Germany, Spain and Finland.