Stephan Piazza, Associate Director and Transport Lead, at KPMG in Malta delivered the webinar Maltese and Global Shipping Perspectives organised by Mondaq.
During the first part of the webinar Stephan discussed the numerous segments of Malta’s maritime economy such as fisheries and aquaculture, marinas, ports and logistics management. Stephan 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 given to the Malta Tonnage Tax Rules and relevant aspects of Malta’s shipping legal framework, its flexible maritime administration, the number of international conventions ratified and its high ranking within the Paris and Tokyo MOU.
During the second part of the webinar, we reviewed the main elements of Pillars I and II of the OECD’s Base Erosion and Profit Shifting rules expected to come into force in the near future as expected to impact the shipping industry. In particular, highlighted the applicable thresholds, the functioning mechanisms, exemptions and the manner these will impact ship owners and ship managers across the world. Attendees were also referred to the manner in which the management and control condition will be assessed by tax authorities in the coming years, as well as the possible scenarios shaping a 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 us on stephanpiazza@kpmg.com.mt.
The webinar may be accessed here:
