BUSINESS

Cosco secures VAT exemption for Trans-it clients’ ship spare parts delivery

TAGS: Business, Shipping

Chinese shipping giant Cosco and Trans-it, a Copenhagen-based logistics and transport provider, announced on Monday they are joining forces to offer Greek shipowners VAT-free spare parts delivery.

An integrated process in combination with new legislation mean shipowners can now move ship spares out of Greece without the previous time-consuming and cash-flow limitations. They will no longer be invoiced value-added tax for parts delivered to the Piraeus Free Zone.

Shipowners must be approved by Cosco to utilize the service, but all Trans-it clients are prequalified.

Stock can be kept in the Free Zone as long as necessary with no implications on VAT exemption.

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