The European Commission has reintroduced the Italian ‘International Register’ regime for ships. The measure aims to encourage shipping companies to register their ships in Europe, thus ensuring compliance with higher social, environmental and safety standards.
Under the regime, eligible shipping companies that register their vessels in the International Register benefit from a reduction in corporate tax and other benefits, such as exemption from the payment of social security and welfare contributions for seafarers, a reduction in tax on ship insurance contracts or a reduction in tax on the registration of employment contracts for seafarers.
The regime has a total budget of €5.4 billion and will be in force until 31st December 2033.
Translation by Giles Foster
