Press Release: European Commission approves Spanish ‘Tonnage Tax’

The European Commission decided to approve the Spanish maritime Tonnage Tax scheme on 27 February 2002. Under this scheme, tax due from a maritime shipping company is calculated on the basis of the capacity (tonnage) of the ships used by that company rather than from its profit or loss. The European Commission took this decision in the context of its maritime policy which aims at preserving employment and shipping activities in the EU and at improving safety in that sector.