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Greece Taxes Foreign-Flagged Ships for First Time Amid Crisis

Greece will tax merchant ships managed by companies based in the country and sailing under foreign flags for the first time ever as the nation’s debt crisis spurs the government to raise revenue.

Amendments to a bill passed by lawmakers at the weekend imposed a so-called tonnage tax on the vessels, the Ministry of Finance in Athens said today by e-mail. The government aims to raise 80 million euros ($106 million) this year and 60 million euros in 2014 from the levy, the state-run Athens News Agency reported Jan. 9.