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.