King & Jurgens, L.L.C. (JD Supra Greece)

Greek shipowners have agreed to extend a voluntary tax contribution to the Greek government, which I previously blogged about, for an additional year due to the fact that Greece is still struggling with its debt crisis. Members of the Union of Greek Shipowners (EEE) approved the extension of the agreement for the voluntary tax payments, which was originally signed in 2013 and was set to expire at

Greek shipowners facing proposed higher taxes due to the Greek financial crisis are considering an exodus from the country, which would be a blow to the economy and Greek ports such as the Port of Piraeus, pictured above.

Greece has initiated its tender process for offshore oil and gas (hydrocarbons) exploration as of August 26, 2014. The Greek Ministry of Environment, Energy and Climate Change is seeking bid applications for its offshore oil and gas exploration in 20 block areas in the Ionian Sea and south of Crete.

Greece has finally imposed a tonnage tax on foreign-flagged vessels operated by shipping companies in Greece. It already had been taxing Greek-flagged ships, and the nation’s debt crisis left the government with no other choice than to tax foreign-flagged ships in an attempt to help raise its revenues. The government is hoping it will raise at least $106 million from the levy.