Last year COSCO and Trans-it joined forces to offer Greek ship owners a simplified process for VAT exemption. An integrated process in combination with new legislation made it possible for ship owners to move

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ship spares out of Greece with out the time consuming and cash flow limitations from earlier days.

This has proven to be a great success and many shipowners take advantage on the simplified and cost effective process.

Now COSCO and TRANS-IT can introduce the same procedures for importing goods. This will improve owners cash flow management by abolishing the VAT or Import Duties.

Exemption from VAT of goods destined for another EU Member State Goods shipped from countries outside the EU and located in the free zone are considered outside the customs territory of the EU, although naturally within it In the Free Zone, goods can be stored without VAT, excise duty or import duties on importation until their final destination is routed.

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“We, at Trans-it are very proud to once again being the first in providing new services to our clients. This shows our commitment to continuous developing our services and our long term relationship with Greek shipping” says Igor Narvi, head of business development at Trans-it AS

Source: Hellenic Shipping News.