News Local UK shipping firm P&O re-flagging two vessels to Cyprus ahead of Brexit

UK shipping firm P&O re-flagging two vessels to Cyprus ahead of Brexit

British ferry and shipping freight operator P&O is reviewing its UK-registered fleet and is already re-flagging two vessels to keep European Union tax arrangements ahead of Britain’s departure from the bloc, the company said.

A P&O spokesman said two of its UK ships operating on the English Channel route to France would be re-flagged to Cyprus.

“The change is being made to preserve the tonnage tax financing arrangements, under which the ships should remain flagged in an EU member state,” a statement said.

The spokesman added that P&O was reviewing the flag status of its four other ships operating on the Channel route, although no final decision had been taken.

Such a taxation system allows shipping companies to pay corporation tax based on the tonnage of their vessels rather than on profit.

The move will come as a blow to the UK’s fleet.

As of November 2018, there were 1,306 vessels of over 500 GT (gross tonnage) per ship registered with the British flag, down from 1,317 in 2017, 1,328 in 2016, 1,330 in 2015 and 1,327 in 2014, official data showed.

With just over 100 days until Britain is due to leave the EU, British Prime Minister Theresa May is yet to win the support of a deeply divided parliament for the deal she struck last month with Brussels to maintain close ties with the bloc.

At the same time, the British government is stepping up preparations for a “no-deal” Brexit.

(Reuters)

Top Stories

Swimming pools mark start of phase 3 of lockdown exit

  Phase three of the relaxation of restrictions gets underway today with the opening of swimming pools under stringent new hygiene protocols that were published...

Mourners gather in Minneapolis to remember George Floyd

George Floyd's daughter Gianna, 6, arrives with her mother Roxie Washington to attend the funeral of her father.

‘Get your knee off our necks,’ activist Sharpton tells Floyd memorial

  Prominent civil rights activist the Rev. Al Sharpton told mourners on Thursday George Floyd's fatal encounter with police and the nationwide protests his death...

Strict measures against spread of Covid-19 in Cyprus yielded results

    Cyprus took timely and strict measures against the spread of the coronavirus outbreak and these measures bore fruit, Minister of Justice and Public Order...

Fine today, hot long weekend ahead

  Today will be sunny, with temperatures set to rise from tomorrow making for a long weekend with above average temperatures. In its early morning weather...

Taste

Poulles (Υoung kolokassi)

Either you thrash the coriander seeds in a mortar, without making them into dust, or you gradually crush them in a blender. Remove the edges...

Pork cooked in wine

Crush the coriander seeds in a pestle and mortar or pulse-blend in a blender, taking care not to over-grind. Put the meat in bowl (not...

Lefkaritikos tavas – O ‘protinos’

Wash and dry the meat and rice separately. In a ‘tava’ (oven proof deep clay pot) first put a layer of five-six pieces of meat...

Local cuisine: An introduction

Rich in fresh ingredients and tasty herbs, offers the very best of Mediterranean culinary delights. Head out to a tavern and feast on a...