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The Department of Merchant Shipping recently announced that with effect from the 2012 tax year, all owners of foreign ships, charterers and ship managers participating in the tonnage tax system must submit a declaration by their legal representative or auditor in the prescribed form, together with their tonnage tax declaration.
The Department of Merchant Shipping recently announced that with
effect from the 2012 tax year, all owners of foreign ships,
charterers and ship managers participating in the tonnage tax
system must submit a declaration by their legal representative or
auditor in the prescribed form, together with their tonnage tax
declaration.
The declaration confirms that the company concerned was a tax
resident of Cyprus for the relevant year, sets out the tonnage of
qualifying and non-qualifying ships and confirms that any
non-qualifying income has been appropriately accounted for and
declared.
The relevant form, Form MSTT8, can be downloaded from the
Department of Merchant Shipping's website. If the declaration
is signed by a director or secretary of the registered owner or
bareboat charterer, it must be accompanied by a certificate issued
by the registrar of companies listing the directors and secretary.
If the declaration is signed by a person acting in the capacity of
an authorised representative, a valid power of attorney in favour
of the signatory must also be submitted. Owners, charterers and
ship managers that have already submitted their 2012 tonnage tax
declaration must provide the additional declaration as soon as
possible.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
