The government of Greece and its shipowners are about to revise a tax deal stitched together three years ago.

According to shipping sources in Athens, players gathering at the Union of the Greek Shipowners (UGS) on Wednesday agreed to a proposal to cut the dividend tax on repatriated shipping profits from 10% to 5%.

On the other hand, Greece’s shipping community pledges to considerably increase the state revenue generated from the tax to at least €60m ($61m) a year — from the €40m envisaged when it was introduced in 2019.