Portugal Housing Package 2026: Main Tax Changes

At a glance

The Portugal Housing Package 2026, enacted by Decreto-Lei n.º 97/2026 of 20 May (under the legislative authorisation in Lei n.º 9-A/2026 of 6 March), introduces a coordinated set of fiscal measures across VAT, IRS (Personal Income Tax), IRC (Corporate Tax), and IMT (Municipal Transaction Tax), calibrated to expand housing supply in the moderate-price and moderate-rent segments. The package reduces VAT on qualifying construction and rehabilitation works to 6% under the new Verba 2.42 of List of the VAT Code, lowers the IRS autonomous rate on moderate rent income to 10% under the new Article 45.º-C of the Tax Benefits Statute (EBF), introduces a flat 7.5% IMT rate on residential acquisitions by non-residents under the new Article 17.º, n.º 10 of the CIMT (Municipal Transaction Tax Code), extends the IMT payment deadline to thirty days after liquidation, and adds a capital-gains reinvestment exclusion for moderate-rent properties under the new Article 10.º, n.os 7 to 9 of the CIRS. The measures enter into force in three layers: 25 May 2026 for the IMT amendments, 1 July 2026 for the VAT amendments (the first day of the quarter following entry into force), and retrospectively to 1 January 2026 for the IRS measures and the capital-gains reinvestment regime.

The legal architecture: from Lei n.º 9-A/2026 to Decreto-Lei n.º 97/2026

The package operates in two layers. Lei n.º 9-A/2026 of 6 March is the legislative authorisation under Article 165.º of the Constitution that empowers the Government to legislate in the fiscally reserved matters touched by the package. Decreto-Lei n.º 97/2026 of 20 May is the implementing act that gives normative effect to the design Lei n.º 9-A/2026 authorises. The two layers should be read together: where Lei n.º 9-A/2026 sets the perimeter and the conditions of authorisation, Decreto-Lei n.º 97/2026 fixes the operative text of the amendments to the VAT Code, the CIRS (Personal Income Tax Code), the CIRC (Corporate Income Tax Code), the CIMT, the EBF, and the new accessible-rental and investment-for-leasing regimes.

For practitioners and clients, the consequence is that the entire package can be read from a single source, the Government Gazzette text of Decreto-Lei n.º 97/2026, with cross-references to Lei n.º 9-A/2026 only on the constitutional-authorisation question. Operational interpretation does not require a parallel reading of the two diplomas in most cases.

This article reads the Government Gazzette text of Decreto-Lei n.º 97/2026 directly. Where a commonly-circulated summary differs from the Decreto-Lei text on a point of substance, the article notes the divergence and follows the Decreto-Lei text.

VAT 6% on construction and rehabilitation

Article 8.º of Decreto-Lei n.º 97/2026 inserts into Lista I of the VAT Code a new Verba 2.42, with two sub-headings:

• Verba 2.42.1 covers construction and rehabilitation works on properties intended for sale for permanent own housing, or properties intended exclusively for residential leasing, where the sale price or the monthly rent does not exceed the moderate-value ceilings set by reference to paragraphs 2 and 3 of Article 2.º of Decreto-Lei n.º 97/2026 itself.
• Verba 2.42.2 covers urban properties or autonomous fractions covered by the Contratos de Investimento para Arrendamento (CIA) regime annexed to the same diploma, used for residential leasing or for sub-leasing for residential purposes.

The moderate-value ceilings are not stated in absolute numbers on the face of the verba. They cross-refer to Article 2.º of Decreto-Lei n.º 97/2026, which itself reads to the second-bracket upper limit of Article 17.º, n.º 1, alínea b) of the CIMT (as in force under the State Budget Law for 2026, Lei n.º 73-A/2025 of 30 December) for the sale price ceiling, and to 2.5 times the guaranteed minimum monthly remuneration (RMMG) for the year for the rent ceiling. For 2026, the operative figures are EUR 660,982 on the sale price and EUR 2,300 on the monthly rent. Both move with the annual cycle: the IMT bracket adjusts each year and the RMMG is set each year by Government decree.

The cumulative conditions for the application of the 6% rate to a sale transaction are three: (i) the buyer’s acquisition must trigger the application of the standard IMT rates under Article 17.º, n.º 1, alíneas a) or b) of the CIMT; (ii) the sale must occur within twenty-four months from the issuance of the documentation marking the beginning of the use of the property under the urban planning regime; (iii) the title aquisitivo must expressly mention the application of Verba 2.42.1.

For a lease transaction, the conditions are: (i) the lease must benefit from the VAT exemption under Article 9.º of the VAT Code; (ii) the lease must be communicated under Article 60.º of the Stamp Duty Code; (iii) the first lease must enter into force within twenty-four months of the beginning of the use of the property; (iv) the property must remain effectively leased for at least thirty-six months, consecutive or interpolated, within the first five years; (v) no sub-lease may be charged at a rent exceeding the moderate-rent ceiling.

The temporal eligibility window is also relevant. Verba 2.42.1 applies to operations whose iniciativa procedimental (the application for licensing, the prior communication, or the initial act under the RJUE (Legal Framework for Urban Development and Construction)) falls between 25 September 2025 and 31 December 2029, with VAT chargeability arising from 1 January 2026 onwards. The verba itself sunsets on 31 December 2032 (Article 10.º, n.º 7 of Decreto-Lei n.º 97/2026).

The 6% reduced VAT rate replaces the 23% standard rate (mainland) on the cost of qualifying construction or rehabilitation, a seventeen-percentage-point differential that compounds the cost reduction for promoters and buyers in the moderate-price segment. For the Madeira regional context, the standard VAT rate under Decreto Legislativo Regional n.º 6/2024/M (Article 21.º), in force from 1 October 2024, is 22%, and the regional reduced rate is 4%. The differential for the same operation in Madeira is therefore eighteen percentage points (22% minus 4%), one point larger than on the mainland.

Reverse charge extended to fully-exempt promoters

Article 4.º of Decreto-Lei n.º 97/2026 amends Article 2.º, n.º 1 of the VAT Code by introducing a new alínea j) that extends the reverse-charge mechanism (inversão do sujeito passivo) to entities that only carry out operations not conferring the right to deduct VAT, when they acquire construction or rehabilitation works covered by the new Verba 2.42.

The practical consequence is operationally meaningful. A promoter operating exclusively in VAT-exempt activity (typically residential leasing under the Article 9.º exemption) used to fall outside the reverse-charge framework: the contractor was the taxable person, charged 6% (under the existing Verba 2.19 framework where it applied) or 23% on the works, and the promoter, without the right to deduct, absorbed the VAT as a sunk cost. Under the new alínea j), the promoter becomes the taxable person on the works covered by Verba 2.42: the promoter self-liquidates the 6% VAT and bears the obligation to deliver it to the AT, but still without the right to deduct, because the underlying activity is exempt.

The reverse-charge framework can also operate, under Article 18.º, n.º 7 of Decreto-Lei n.º 97/2026, by joint election of the supplier and the acquirer with effect from 1 January 2026, ahead of the general 1 July 2026 entry-into-force date for the VAT amendments. The election is a tactical lever for promoters and contractors who want to align cash-flow and self-liquidation timing across the calendar-year boundary.

IRS autonomous rate of 10% on moderate rent income: the new Article 45.º-C EBF

Article 9.º of Decreto-Lei n.º 97/2026 introduces a new Article 45.º-C in the EBF, with two paragraphs of central operational importance.

Paragraph 1 sets an autonomous tax rate of 10% applicable to property income from leases destined exclusively for residential use, where the monthly rent does not exceed the moderate-rent ceilings cross-referred to in Article 2.º, paragraphs 2 and 3 of Decreto-Lei n.º 97/2026 (EUR 2,300 for 2026). The 10% rate applies to income earned up to 31 December 2029, except where a more favourable rate is applicable.

Paragraph 2 introduces a 50% reduction of the taxable base on the same income, available to IRC taxpayers and to IRS taxpayers in Category B with organised accounting. The benefit therefore does not run to Category F taxpayers in the simplified regime, who continue to apply the 10% autonomous rate on the full rental income without the 50% reduction.

Article 5.º of Decreto-Lei n.º 97/2026 introduces a parallel amendment to Article 101.º, n.º 1 of the CIRS, inserting a new alínea f) that sets the withholding-at-source rate on this category of rental income at 10%. Tenants under the standard withholding-at-source framework who pay rent on a Verba-2.42-aligned lease therefore withhold and deliver 10%, consistent with the autonomous rate at year-end.

The temporal positioning of the IRS measures is significant. Under Article 18.º, n.º 2 of Decreto-Lei n.º 97/2026, the new Article 45.º-C and the related amendments produce effects from 1 January 2026, retroactively to the DR publication date of 20 May 2026. Leases already in force on the entry-into-force date and rental income already earned in the first five months of 2026 fall within the scope of the new rate, provided the rent ceiling and the exclusive-residential-use condition are met. The IRS Modelo 3 to be filed in the spring of 2027 in respect of 2026 income should therefore apply the 10% autonomous rate to the qualifying income.

IMT 7.5% flat rate for non-resident purchasers of residential property: Article 17.º, n.º 10 CIMT

Article 6.º of Decreto-Lei n.º 97/2026 inserts a new paragraph 10 into Article 17.º of the CIMT. The new paragraph applies a flat IMT rate of 7.5% on the acquisition of urban property, or of an autonomous fraction of urban property, intended exclusively for housing, where the purchaser is non-resident. No exemption or reduction otherwise available is permitted to operate alongside the 7.5% flat rate.

Three carve-outs are set out in the same paragraph:

• Alínea a): the purchaser was already considered tax resident in Portugal under Article 16.º of the CIRS at the date of acquisition.
• Alínea b): the purchaser becomes tax resident in Portugal under Article 16.º of the CIRS within two years of the date of acquisition.
• Alínea c): the property is leased for residential use within six months of the acquisition, at a rent not exceeding the moderate-rent ceiling (EUR 2,300 monthly for 2026), and remains leased for at least thirty-six months, consecutive or interpolated, within the first five years after the acquisition.

Where one of the three carve-outs applies, paragraphs 11 and 12 of Article 17.º (as amended) set the refund mechanism: the AT annuls the differential between the 7.5% paid and the ordinary IMT due, on the taxpayer’s request, within six months of the residency or the activation of the lease. Operational diligence on the calendar of the residency or the lease is therefore the work that secures the refund.

A point of correction relative to a commonly-circulated brief on the Decreto-Lei is appropriate here. The new paragraph 10 does not contain a blacklisted-jurisdictions exception or a 10% rate. The opening clause of paragraph 10 reads “sem prejuízo do disposto no n.º 4” (“without prejudice to paragraph 4”), preserving the pre-existing 10% IMT rate on residential acquisitions by entities resident in jurisdictions on the Portuguese tax-haven blacklist (Article 17.º, n.º 4 CIMT, in force since prior amendments and recently litigated before the CJEU in the Meritpanorama reference C-661/25 noted in the MCS pipeline on 12 May 2026). The 10% offshore rate is therefore not a new feature of DL n.º 97/2026; it is the antecedent regime that operates in parallel for blacklisted-jurisdiction structures.

The entry into force of the 7.5% IMT rate follows the default rule of Article 18.º, n.º 1 of the LPA 4/98: five days after publication. The amendment is therefore in force from 25 May 2026.

IMT payment deadline: Article 36.º CIMT

The same Article 6.º of Decreto-Lei n.º 97/2026 amends Article 36.º of the CIMT to allow payment of the IMT either on the day of liquidation or within thirty days from that date, on penalty of the liquidation losing effect.

The operational point of caution is that the amendment decouples the date of payment from the date of liquidation, but it does not change the architecture under which the liquidação must precede the notarial act. The guia de liquidação must still be issued before the escritura is lavrada: the notary cannot perform the act without proof that the IMT has been liquidated under Articles 21.º to 22.º and Article 49.º of the CIMT, all unchanged by Decreto-Lei n.º 97/2026. What the thirty-day window changes is the cash-out timing for the purchaser after the liquidação is in place, not the order of operations relative to the escritura.

For inbound purchases where the buyer is funding from abroad through a chain of conversions and transfers, the thirty-day window is operationally useful: the liquidação and the escritura can proceed on a coordinated date without the purchaser pre-loading the IMT funds on the same day, provided the payment lands within the thirty-day deadline. Failure to pay within the deadline causes the liquidação to expire, which means a fresh liquidação must be requested and the escritura, if already executed, requires re-anchoring to the new liquidação.

Capital gains reinvestment exclusion for moderate-rent properties: Article 10.º, n.os 7 to 9 CIRS

Article 5.º of Decreto-Lei n.º 97/2026 inserts new paragraphs 7, 8, and 9 into Article 10.º of the CIRS, creating a capital-gains exclusion for property sales where the proceeds are reinvested in the acquisition of properties intended for moderate-rent residential leasing in Portugal.

The conditions are cumulative and set out in paragraph 7:

• Alínea a): the realisation value, net of any mortgage repayment, must be reinvested in the acquisition of property located in Portugal, intended for residential leasing at a rent not exceeding the moderate-rent ceiling.
• Alínea b): the reinvestment must occur in the window of twenty-four months before the sale to thirty-six months after the sale.
• Alínea c): the taxpayer must declare the intention to reinvest, even partially, in the IRS Modelo 3 for the year of the sale.

Paragraph 8 then sets out the breach scenarios that disqualify the benefit:

• Alínea a): no lease at the moderate-rent ceiling is concluded within six months of the reinvestment (or of the realisation date, where later), absent a justified impediment.
• Alínea b): the property is not effectively leased for at least thirty-six months, consecutive or interpolated, within the first five years of the reinvestment.
• Alínea c): the property is, at any point in the first five years, leased at a rent exceeding the moderate-rent ceiling.
• Alínea d): the property is transferred (whether for consideration or gratuitously) within five years of the reinvestment.

Paragraph 9 fixes the moment at which the otherwise-excluded gain crystallises in each breach scenario. The crystallisation is generally on the year in which the breach occurs, with the gain measured by reference to the original sale.

Under Article 18.º, n.º 3 of Decreto-Lei n.º 97/2026, the reinvestment exclusion applies to transfers occurring between 1 January 2026 and 31 December 2029. The window is, in operational terms, a four-year window for the qualifying sale; the reinvestment and the subsequent lease performance run beyond that window on the calendars set in paragraphs 7 and 8.

VAT regularisation on the promoter when Verba 2.42.1 conditions fail

Article 11.º of Decreto-Lei n.º 97/2026 sets the VAT regularisation regime that operates when, at any point, the conditions for the application of the reduced 6% VAT rate under Verba 2.42.1 are not met or cease to be met. The operative text reads as a two-path mechanism (not as a three-scenario taxonomy circulating in some summaries).

The first path applies where the property still meets the second-escalão price-ceiling condition under Article 2.º, n.º 2, alínea b) and the twenty-four-month sale window condition under Article 10.º, n.º 1, alínea a), subalínea ii), but otherwise loses the right to the reduced rate. The regularisation is performed by the end of the tax period following the period in which the loss-triggering fact occurred. No penalty applies other than the compensatory interest payable under the ordinary LGT regime (the current statutory rate is 4% per annum, set by Portaria n.º 291/2003, but the rate is not stated on the face of Decreto-Lei n.º 97/2026 and is subject to subsequent updating).

The second path applies in all other cases. The regularisation is performed through the substitution of the periodic VAT declaration referred to in Article 29.º, n.º 1, alínea c) of the VAT Code, with the application of compensatory interest and the other penalties that operate under the standard tax-infraction framework (the Regime Geral das Infracções Tributárias, RGIT). Fine ranges under the RGIT are set by reference to the gravity of the conduct and the prejudice to the Treasury, on the standard tax-infraction tables; they are not specifically scaled at “up to 30%” by Decreto-Lei n.º 97/2026.

A separate and substantively distinct rule, located in Article 10.º, n.º 5 of Decreto-Lei n.º 97/2026 (not in Article 11.º), provides for the 10% IMT agravamento applicable on the buyer where the buyer breaches the twelve-month primary-residence condition attached to a Verba-2.42.1-aligned purchase. The agravamento is calculated as 10% on the IMT taxable base under Article 12.º of the CIMT, as an autonomous IMT charge, not as a multiplier on the original IMT due, and the architecture of that mechanic is fully treated in the companion MCS post on the IMT recapture for residence-condition breach.

This article therefore reads Article 11.º Decreto-Lei n.º 97/2026 as a two-path VAT regularisation rule on the promoter, and reads Article 10.º, n.º 5 Decreto-Lei n.º 97/2026 as a separate IMT recapture rule on the buyer. The two operate on different taxpayers (promoter and purchaser respectively), and the operational architecture should not be conflated.

Entry-into-force matrix

The package enters into force in three layers. The matrix below sets out the operative dates against each measure.

Practical takeaways

1. Read Decreto-Lei n.º 97/2026 directly. The package’s substantive content sits in the DR text of the diploma. Several summaries circulating in trade press introduce framings (a 10% blacklisted-jurisdictions exception inside the new Article 17.º, n.º 10 CIMT; a three-scenario non-compliance architecture in Article 11.º with 4% interest and 30% fines) that the DR text does not support.
2. Verba 2.42 cross-refers; it does not state numbers. The EUR 660,982 sale-price ceiling and the EUR 2,300 rent ceiling are derivative calculations from the second-escalão upper bound of Article 17.º, n.º 1, alínea b) CIMT (under OE 2026) and from 2.5 times the RMMG 2026. Both move annually.
3. The reverse-charge extension is consequential for exempt promoters. Promoters operating exclusively in VAT-exempt residential leasing become the taxable person on the construction works, self-liquidate the 6%, and deliver the VAT to the AT without the right to deduct. The joint election under Article 18.º, n.º 7 permits an earlier entry into the regime from 1 January 2026.
4. The IRS 10% rate is retrospective. Income earned in the first five months of 2026 falls within the new rate, provided the rent and use conditions are met. The IRS Modelo 3 for 2026 should apply the 10% autonomous rate on the qualifying income.
5. The IMT 7.5% rate is in force. Acquisitions by non-residents from 25 May 2026 onwards fall within the new rate. The three carve-outs are calendar-driven (residency at acquisition, residency within two years, lease activation within six months and maintenance for thirty-six months in five years).
6. The IMT payment-deadline extension does not change the order of operations. The guia de liquidação must still be issued before the escritura. The 30-day window changes the cash-out timing of the IMT payment by the buyer, not the order of pre-escritura compliance.
7. The capital-gains reinvestment exclusion has multi-year compliance tails. The 6-month leasing window, the 36-month maintenance in 5 years, and the 5-year non-disposal rule all run forward from the reinvestment date. Operational tracking is essential.
8. Article 11.º is a two-path VAT regularisation rule on the promoter. It is not the recapture rule on the buyer. The 10% IMT agravamento on the buyer (residence-condition breach) sits in Article 10.º, n.º 5 of Decreto-Lei n.º 97/2026, and operates on the IMT taxable base under Article 12.º CIMT.

Where MCS can assist

Madeira Corporate Services advises Portuguese and foreign clients on the corporate, fiscal, and compliance work to which Decreto-Lei n.º 97/2026 is directly relevant: assessment of the application of Verba 2.42 to a specific construction or rehabilitation operation, including the verification of the iniciativa procedimental window and the cumulative conditions; design of reverse-charge positioning for exempt promoters, including the joint-election lever from 1 January 2026; documentation and compliance support on the IRS 10% autonomous rate and the withholding-at-source layer for landlords and tenants; assessment of the 7.5% IMT rate exposure on non-resident acquisitions, including calendar-driven structuring of the residency or lease-activation carve-outs and the refund mechanism under Article 17.º, n.os 11 and 12 CIMT; operational coordination of the IMT payment within the new thirty-day window; design and compliance follow-through on the capital-gains reinvestment exclusion under Article 10.º, n.os 7 to 9 CIRS, including the multi-year compliance tail; and remediation work where Verba 2.42.1 conditions cease to be met, including the two-path VAT regularisation analysis under Article 11.º DL n.º 97/2026 and the buyer-side IMT agravamento analysis under Article 10.º, n.º 5. Each engagement is subject to a case-by-case review of the facts, the relevant statute and treaty position, and the procedural calendar in train. For Madeira-specific cases, the regional reduced VAT rate of 4% under DLR n.º 6/2024/M (Article 21.º) and the differential against the 22% regional standard rate are captured in the operational analysis.

FAQ

Is Decreto-Lei n.º 97/2026 in force?

Yes, partly. The IMT amendments (the 7.5% non-resident rate under the new Article 17.º, n.º 10 CIMT and the thirty-day payment deadline under the amended Article 36.º CIMT) are in force from 25 May 2026. The IRS amendments (the 10% autonomous rate under the new Article 45.º-C EBF, the 10% withholding-at-source rate, and the capital-gains reinvestment exclusion under the new Article 10.º, n.os 7 to 9 CIRS) produce retrospective effect from 1 January 2026. The VAT amendments (Verba 2.42 Lista I and the reverse-charge extension) enter into force on 1 July 2026, with an optional joint-election lever bringing them forward to 1 January 2026.

What are the moderate-rent and moderate-price ceilings under Decreto-Lei n.º 97/2026?

The diploma cross-refers to Article 2.º, paragraphs 2 and 3, which themselves point to the upper limit of the second escalão of Article 17.º, n.º 1, alínea b) of the CIMT (for the sale price) and to 2.5 times the RMMG (for the monthly rent). For 2026, the operative figures are EUR 660,982 on the sale price and EUR 2,300 on the monthly rent. Both move annually with the IMT bracket update and the RMMG cycle.

Does the new 7.5% IMT rate include an exception for blacklisted jurisdictions?

No. The new Article 17.º, n.º 10 CIMT has only three carve-outs: residency at acquisition, residency within two years of acquisition, and lease activation at the moderate-rent ceiling within six months and maintenance for thirty-six months in five years. The pre-existing 10% IMT rate for acquisitions by entities resident in tax-haven jurisdictions under Article 17.º, n.º 4 CIMT is unchanged by Decreto-Lei n.º 97/2026 and is preserved by the “sem prejuízo do n.º 4” opening clause.

Does Article 11.º Decreto-Lei n.º 97/2026 apply to the buyer on residence-condition breach?

No. Article 11.º Decreto-Lei n.º 97/2026 is the VAT regularisation rule that operates on the promoter when the conditions for the application of Verba 2.42.1 cease to be met. The 10% IMT agravamento on the buyer for residence-condition breach sits in Article 10.º, n.º 5 Decreto-Lei n.º 97/2026, and is calculated as 10% on the IMT taxable base under Article 12.º CIMT, as an autonomous IMT charge.

Can a fully-exempt promoter deduct the self-liquidated 6% VAT on construction works?

No. The reverse-charge extension under the new alínea j) of Article 2.º, n.º 1 CIVA shifts the obligation to liquidate and deliver the VAT onto the promoter, but the underlying activity (residential leasing under Article 9.º CIVA exemption) does not generate a right to deduct. The 6% VAT is delivered to the AT without offsetting input VAT in the periodic declaration.

Does the IRS 10% rate apply to leases signed before 2026?

Yes, provided the substantive conditions are met (exclusive residential use, monthly rent not exceeding the moderate-rent ceiling). The retrospective effect to 1 January 2026 covers income earned in 2026 under leases of any vintage, provided the conditions hold for each rental period.

What is the practical use of the joint-election lever under Article 18.º, n.º 7?

For promoters and contractors who want to bring the reverse-charge regime forward to 1 January 2026 (rather than wait for the default 1 July 2026 entry into force), the joint election permits an earlier application. The election is operationally useful where the construction or rehabilitation is being invoiced across the calendar-year boundary and the parties want to harmonise the VAT treatment.

The information set out in this article is provided for general informational purposes and does not constitute legal, tax, or financial advice. The statutory references, articles, paragraphs, and entry-into-force dates cited are accurate as at the date of preparation, by reference to the Decreto-Lei n.º 97/2026 of 20 May and the related diplomas, to the best of our knowledge. The moderate-price and moderate-rent ceilings referenced (EUR 660,982 and EUR 2,300 for 2026) are derivative values from the second escalão of Article 17.º, n.º 1, alínea b) of the CIMT (as in force under Lei n.º 73-A/2025 of 30 December) and from 2.5 times the guaranteed minimum monthly remuneration (RMMG) for the year; both move annually. The compensatory interest rate referenced (4% per annum, under Portaria n.º 291/2003) is also subject to periodic updating. Each matter requires a case-by-case review of the facts, the applicable statutes, and the procedural calendar before any decision is taken. Readers should not act, or refrain from acting, on the basis of the content of this article without first seeking professional advice from Madeira Corporate Services or another competent adviser. Madeira Corporate Services accepts no liability for actions taken in reliance on the information set out above.

Rosana Rodrigues

Rosana Rodrigues is a co-founder and partner of TFRA Law Firm. Her work mainly involves advising foreign investors in Portugal, particularly in areas of Corporate and Tax law. She has also worked extensively in Shipping law… Read more