Cosco secures VAT exemption for Trans-it clients’ ship spare parts delivery
giant Cosco and Trans-it, a Copenhagen-based logistics and transport provider, announced yesterday they are joining forces to offer Greek shipowners VATfree spare parts delivery: An integrated process in combination with new legislation mean shipowners can now move ship spares out of Greece without the previous timeconsuming and cashflow limitations. They will no longer be invoiced value-added tax for parts delivered to the Piraeus Free Zone. Shipowners must be approved by Cosco to utilize the service, but all Trans-it clients are prequalified. Stock can be kept in the Free Zone as long as necessary with no implications on VAT exemption.