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KPMG report: Shipping and offshore tax update (May 2026)

Including EU, Greece, and Sweden developments relevant for companies involved in shipping and related industries

may 6, 2026

The KPMG member firm in the Netherlands has prepared a report that summarizes certain global tax-related developments that are relevant for companies involved in shipping and related industries.

Read the KPMG report (May 2026) that covers the following developments:

  • EU: The European Commission (EC) has created a temporary framework (METSAF) allowing EU member states to provide financial aid to sectors, such as short sea shipping, that are negatively impacted by the Middle East crisis. This aid is intended to offset high fuel costs and is available until the end of 2026.
  • Greece: Greece has clarified the application of a new 5% contribution for Greek tax resident owners of shipping companies. The contribution applies to dividends and capital gains remitted to Greece. Due to widespread participation, it has become effectively mandatory for all qualifying individuals.
  • Sweden: Sweden is proposing a significant update to its tonnage tax rules to enhance competitiveness. The changes will expand the regime to include a wider range of vessels, such as those in the offshore sector, and will relax the "international traffic" requirement, allowing more ships to qualify.
  • Pillar Two: There is uncertainty in how the Pillar Two global minimum tax rules apply to the shipping industry. Specifically, guidance is lacking on how to separate income from international transportation (which is excluded) from other non-qualifying services, especially for offshore service vessels.

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The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. KPMG LLP does not provide legal services.

The information contained herein is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230.

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