Following the State aid approval from the European Commission in April 2018, Portugal is moving forward with Law proposal no. 111/XIII, which is currently before parliament and provides for the introduction of a tonnage tax scheme for the shipping industry. 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...