Tax-Dodging Cruise Industry Begs For Taxpayer Bailout Amid Collapse In Revenue

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Source: Zero Hedge

The cruise industry, which has dodged US taxes and regulations for years by registering their vessels overseas, is in dire need of cash in order to remain afloat – and aren’t confident that they can borrow from any of the existing taxpayer-funded loan programs due to their offshore registrations.

Carnival, the largest cruise company in terms of market share, is incorporated in Panama according to Panama’s registry and the other two major companies in the industry employ similar tactics. Norwegian is incorporated in Bermuda, and Royal Caribbean has been incorporated in Liberia since 1985.

Despite the fact that all three of their corporate headquarters are in Miami, annual filings show that these companies are part of an industry that paid an average tax rate of under 1%, which is well below the required 21% corporate tax rate in the United States. –OCCRP.org

And now – a group of US senators are looking for a solution to allow them to tap into existing loan programs or subsequent stimulus packages, according to CNBC – citing a senior administration official.

NEW: Cruise industry not confident it could borrow from any of the existing loan programs

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