Michael Kotsapas News

International accountant and shipping adviser Moore Stephens says it is too soon to say whether the Syriza party’s victory in the country’s elections could, as some fear, have a damaging effect on the country’s shipping industry. Rather, it says, Greek shipping interests will need to monitor how the change of government might affect them on both a business and personal level before reviewing any long-term plans. Moore Stephens London partner Michael Kotsapas, a shipping specialist who has been advising Greek families for over fifteen years…

Greek shipowners must now pay tonnage tax on ships operating under flags other than the Greek flag which are managed by companies based in Greece, or offshore companies which have a branch in Greece, operating under Law 89 of the Greek constitution. Michael Kotsapas, a partner with the Moore Stephens shipping team, said, “This new requirement to pay tonnage tax, effective from January 1, 2013, mirrors that which is already in existence for the Greek-flag merchant fleet. A large part of the Greek fleet currently sails under foreign flags, and therefore is impacted by the new tonnage tax regulations. Management companies are jointly liable with shipowning companies to pay the tax. Any foreign tonnage tax paid can be set off.