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29 July 2021 The on-line newspaper devoted to the world of transports 04:09 GMT+2

June 11, 2020

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EU Commission clears International Register Italian, with changes, until 2023

The Italian authorities have pledged to extend benefits of the scheme to all eligible vessels that beat a EEA flag

The European Commission, under EU rules on authorized the extension until the end of 2023 of various Italian support measures for maritime transport in the context of the International Register, a regime established by Law 30 of the 1998 which provides tax and social security benefits registered ships used exclusively for commercial trade International.

The green light was given by the Commission on Italy's commitment to a series of changes to the rules regulating the International Register to avoid distortions competition and to prevent any discrimination between shipping companies and registers from other space states European economics. In particular, Italy has committed itself to ensure that the reduction in Corporate Income Tax (IRES) applied to shipping companies that join the International Register will be applied to the revenues of shipping companies derived from the activities of shipping, such as freight and passenger transport, to other ancillary revenues closely related to the business of shipping (up to a maximum of 50% of the revenue ship's operating system, to revenues - based on certain conditions - produced by towing and dredging activities as well as - on the basis of certain conditions - revenues rental divestment activities and timed and travel rental activities.

In addition, the European Commission has made it clear that the Italian, as amended and approved today, stipulates that if a shipping company wants to benefit from the International Register, at least a majority of its fleet must fly the flag of a State of the European Union or European Economic Area. Brussels has specified that, in this case, Italian authorities have committed to extend the benefits of the scheme to all eligible vessels they're flying an EEA flag.

Italy will have seven months from Eu Commission's decision today to adjust the rules govern that regime.

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