Cyprus Shipping achieves prolongation of current tax system

Current shipping taxation system has been extended for another 10 years

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Cyprus Shipping achieves prolongation of tax system by Commission for ten years

Cyprus Shipping achieved on Monday the successful prolongation of the Cyprus Shipping Taxation System for another ten years by the European Commission, which had been submitted for official approval on the 6th of November, 2019.

According to the Cyprus Shipping Chamber, this great achievement is the example of the close cooperation and the coordinated efforts between the Shipping Deputy Ministry, other Government and State Agencies, the Cyprus Shipping Chamber and the Cyprus Union of Shipowners.

The Cyprus Taxation System fully covers the three basic shipping activities that are offered today in International Shipping, namely Shipowning, Shipmanagement and the Chartering of vessels, establishing Cyprus as a major Shipping Center in European and International Shipping.

“This important approval is therefore expected to tangibly contribute towards the further upgrade and reinforcement of the Cyprus Shipping Industry, as well as to serve as convincing leverage for attracting additional quality shipowners and shipping companies in Cyprus, with a positive chain effect on Cyprus Economy and society,” the Chamber says.

The Cyprus Shipping Chamber

The Cyprus Shipping Chamber is the trade association of the Shipping Industry in Cyprus.

After its establishment in January 1989, with originally seventeen Founding Members, the Chamber today comprises of 200 plus major shipowning, ship management, chartering and shipping related companies based either in Cyprus or abroad.

Today, the Chamber’s Member-companies located in Cyprus and the wider Shipping Sector in Cyprus, collectively employ around 9000 persons ashore and more than 55,000 seafarers of various nationalities onboard their vessels.

The Cyprus Union of Shipowners

The Cyprus Union of Shipowners is the major representative organization of the international shipping community with vessels under the Cyprus Flag. Over the years, the Cyprus Union of Shipowners has managed to register under its membership the vast majority of the Cyprus Flag ships.

The Cyprus Union of Shipowners provides, in all shipping related matters, represents the interest of its members in Cyprus, Greece, the UK, and other European countries.

 

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