Juanita Brockdorff International Tax Partner and Stephan Piazza Associate Director and Transport Lead at KPMG in Malta delivered the webinar Maltese and Global Shipping Perspectives organised by Mondaq.
The webinar focused on the Maltese Maritime Industry and the various sectors that contributed to its growth over the last four decades. Malta is a Mediterranean island connecting major global shipping lines from east to west and north Africa to Europe. Amongst others, Stephan Piazza focused on the various segments of Malta's maritime economy such as fisheries and aquaculture, marinas, ports and logistics management. The webinar also analysed factors allowing the Malta flag to become the 1st flag in Europe and 6th worldwide in terms of registered tonnage. Particular attention was granted to the Malta Tonnage Tax Rules and all those aspects concerning Malta's shipping legal framework, its flexible maritime administration, the number of international conventions ratified and the high ranking withing the Paris and Tokyo MOU.
Juanita Brockdorff focused on the main elements of Pillar I and Pillar II of the OECD's Base Erosion and Profit Shifting rules coming into force in the very near future. In particular Juanita highlighted the applicable thresholds, the functioning mechanisms, exceptions and the manner these will impact ship owners and ship managers across the world, in particular those located in low tax jurisdictions. Juanita also focused on the manner management and control will be assessed by tax authorities in the coming years and the possible scenarios shaping shipping organisation's tax position.
Should you wish to discuss further how the OECD's Base Erosion and Profit Shifting Pillar I and II rules might possibly impact your shipping organisation feel free to reach out to firstname.lastname@example.org and email@example.com.
The webinar may be accessed here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.