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Tonnage Tax And Tax Competition

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Chapter Summary

Taxation is by its nature one of the main elements distorting competition. Traditionally, most developed states around the world impose as their main business tax a tax calculated on business profits. This chapter deals with cases of legal orders which abolish ordinary corporate tax in favour of the tonnage tax. It uses Greece as an example of the tonnage tax system, not only because the reporter himself is Greek and is, thus, better acquainted with the Greek system, but also because the Greek tonnage system is a pure tonnage tax system, i.e., a system which completely replaces corporate tax, and in addition it is one of the oldest in Europe and one of the most sophisticated, accompanied by constitutional guarantees and often used as a model for other countries which wish to develop tonnage tax systems.

Keywords: business profits; corporate tax; Greek tonnage system; tax competition; tonnage tax



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