SERVICES

Italy, Shipowners: Cociancich Law enters into force

Rome - The regulation took effect yesterday limiting the tax benefits of the International Register to vessels that embark exclusively Italian or EU crews on cabotage routes (those between two domestic ports).

Rome - Yesterday, the “Cociancich Law” came into force, an amendment to the European Community Law of 2015 that governs the tax regime for Italian shipowners. The regulation, published in the Official Journal in December 2016, as set forth in the same text signed by Pd Senator Roberto Cociancich, took effect yesterday, 18 months after its promulgation, limiting the tax benefits of the International Register to vessels that embark exclusively Italian or EU crews on cabotage routes (those between two domestic ports). “It is a small but significant step forward towards restoring legality in the Italian maritime sector and protecting the rights of Italian sailors,” said Vincenzo Onorato, owner of Moby and Tirrenia.

Pressed for time?

Get the best news of the week in your inbox

Subscribe ››