Shipping firms drop British flag as Brexit looms
Companies reportedly leaving shipping registry due to uncertainty over commercial arrangements with EU
02 July 2019 - 19:05
London — Companies are leaving Britain’s shipping registry due to uncertainty about Britain quitting the EU and future commercial arrangements with the bloc, industry officials say.
All commercial ships have to be registered, or flagged, with a particular country partly to comply with safety and environmental regulations. Shipping companies in many “flag states” pay corporation tax based on vessel tonnage rather than profit...
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