Last update: 22.07.2024 05:08 (GMT+3)

LASCO tanker flies Latvian flag

08.12.2003, Latvijas kuģniecība, RIG

Hereby JSC "Latvijas kuģniecība" (LASCO) informs that on December 5,
2003 LASCO product tanker Zoja II was transferred to Latvian Ship
Register and will again fly Latvian flag.

Considering regulations on seafarers social security tax incorporated
in Latvian Maritime Policy Concept adopted in April 2002, a decision
was made by JSC " Latvijas kuģniecība" to transfer one of its product
tankers Zoja II to Latvian Ship Register, and the vessel will now sail
under the Latvian flag. Due to unfavourable taxation policy in Latvia,
until now all LASCO Group's vessels were registered in countries with
the legislation more flexible for shipping companies, and were flying
"flags of convenience". To assess the economic aspects of reflagging,
tanker Zoja II is so far the only LASCO vessel to enter Latvian Ship
Register.

A number of significant changes related to both employees and employers
are expected to be made in the Latvian legislation. According to the
new Maritime Policy, tonnage tax, which is not dependent on the profit
or loss of the company, will be payable by LASCO for each of its vessel
registered with Latvian Ship Register. Tax allowances for employees
will encourage seafarers to pay income and social security tax, thus
enabling themselves to use all the benefits of social insurance
provided for in the Latvian legislation.

Subject to positive reflagging experience also other LASCO vessels are
planned to be transferred to Latvian Ship Register and fly Latvian
flag.

M/v Zoja II will be operated by LASCO subsidiary SIA Kuģu menedžments .

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