Loan for ship construction and “tonnage tax” regime

By replying to the inquiry  filed by a shipping company, Italian Tax Office clarified that, if a bank partially waives  the claim arising out of  the loan for the construction of a ship subject to the tonnage tax regime, the relevant windfall gain follows the aforesaid regime and cannot be independently subject to IRES (Italian tax on companies income). In this respect, Italian Tax Office pointed out that, according to  the tonnage tax provisions, revenues  and/or losses arising out of  the sale of a ship, which is subject to the relevant regime, are already included in the taxable income.

IMO guidelines on the new requirements on certifications of the seafarers

At the 97th Maritime Security Committee, The International Maritime Organization (IMO) examined the most significant issues arising out of  the new requirements on certifications of the seafarers, introduced by the amendments (“Manila 2010”) to the STCW Convention that will come into force on 1st January 2017. In order to ensure the correct implementation of the new rules, IMO has recommended that, at least until 1st July 2017, a practical and flexible approach should be adopted by the national Port State Control Authorities in verifying the compliance of national certifications to the new rules.