Shipping looks like slipping through the net of global corporate tax rules being developed.

A progress paper at the OECD recognises that its Global Anti-Base Erosion Rules (GloBE) for a worldwide minimum tax on companies will not apply to shipping.

“The GloBE rules ... provide for an exclusion for international shipping income, using the definition of such income under the OECD Model Tax Convention,” said the document released on 1 July, which reflects the current consensus among 130 nations.

Richard Stephens, partner at Watson Farley & Williams, described this as good news for the industry.