Shipping taxation: perspectives and impact on flag choice

Abstract

The tax treatment of the shipping industry over the last 30 years exhibits alternative forms of corporate taxation systems implemented by various governments. A consensus view of the way in which shipping should be treated for tax purposes has resulted in the widely adopted form of the tonnage tax. The aim of the paper is to examine the success or otherwise of such shipping fiscal policies in respect of widely accepted perspectives and set objectives. The focus of the study is on the UK registry, investigating the impact of the introduction of the UK tonnage tax. Noteworthy results emerge along with the understanding that, in the long run, the tonnage tax seems to be connected more with the ‘flagging out’ of foreign owned tonnage than with the ‘flagging in’ of nationally owned vessels. The findings can be considered to have broader implications for the competitiveness of national ship registries and for policy making.

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