Greece and its shipowners formally agreed to modify a key maritime profit tax, lowering headline rates but broadening the base on which it is collected.

Under the new deal signed on 23 November by Greek Prime Minister Kyriakos Mitsotakis and Union of Greek Shipowners (UGS) president Melina Travlos, the charge on shipping profits, whether from dividends or capital gains, has been cut from 10% to 5%.

Despite the lower rate, state proceeds under the scheme are projected to increase to at least €60m ($62.7m)