Taxing times ahead for shipping?

LAST week's agreement in principle by the G7 countries to introduce a global minimum global corporate tax rate could have major implications for the shipping industry.

Or, as international law firm Watson Farley & Williams (WFW) puts it: "Proposals for global tax reform have the potential to undermine the tax policies applied to shipping."

A paper written last month by WFW's London Tax Partner Richard Stephens looked at the possibility of such an agreement and set out a cogent argument why a minimum corporate tax should not be applied to this industry.