On 20 July 2018, the Portuguese president promulgated Decree 223/XIII authorizing the government to introduce the country's new tonnage tax regime, which was approved by parliament on 22 June. Key points of the scheme include: Shipping companies may opt to pay taxes on the basis of the net tonnage of their shipping fleet operated in maritime transport activities rather than on the basis of their taxable profits, including on: Core revenues from maritime transport activities, such as cargo and passenger transport; Certain ancillary revenues that are closely connected to shipping activities (which are capped at a maximum of 50% of...