Law firm Reed Smith is arguing for restraint as a French general election threatens the country’s favourable tonnage tax regime.
With a new government possible, opposition parties are considering scrapping the system whereby shipowners are not taxed on profit but pay a fixed fee based on tonnage capacity.
Any change to a higher corporate tax rate could spark an exodus with potentially serious economic consequences, lawyers Benoit Bernard, Romain Farnoux and Antoine Maniglier argue.
