ARTICLE
17 February 2020

Extension Of The Cyprus Tonnage Tax System Until 31 December 2029

EN
Elias Neocleous & Co LLC

Contributor

Elias Neocleous & Co LLC,  a young firm with a distinguished ancestry built on integrity, commitment and quality which we are not only continuing but expanding. Harnessing the power of technology we aim to deliver bespoke,  innovative legal solutions at ‘ cheetah fast ‘ speed. We look forward to working with all clients who share our passion for excellence driven by the highest standards of ethical legal services.
To this effect, a relevant Bill has already been prepared and is anticipated that it will shortly be enacted into Law by the Cyprus Parliament.
Cyprus Transport
To print this article, all you need is to be registered or login on Mondaq.com.

The Shipping Deputy Ministry has issued Circular 1/2020 informing shipowners, charterers and shipmanagers that following the formal assessment of the Cyprus tonnage tax scheme, the European Commission has concluded that the relevant scheme of Cyprus is compatible with the internal market and in line with the Guidelines on State Aid to Maritime Transport.

The European Commission concluded in its Decision that the Cyprus tonnage tax and seafarer scheme is in line with EU State Aid rules, as it contributes to the competitiveness of the EU maritime sector and encourages ship registration in Europe while at the same time preserving Europe's high social, environmental and safety standards and ensuring a level playing field.

Accordingly, it is expected that The Merchant Shipping (Fees and Taxing Provisions) Law of 2010 (Law 44 (I)/2010) will soon be amended to take into consideration the aforementioned Decision of the European Commission. To this effect, a relevant Bill has already been prepared and is anticipated that it will shortly be enacted into Law by the Cyprus Parliament.

The amendment Bill provides, inter alia, for the extension of the validity period of the Merchant Shipping (Fees and Taxing Provisions) Law of 2010 (Law 44(I)/2010) until 31 December 2029, as well as for certain amendments which were deemed necessary in order to conform with the aforementioned approval Decision of the European Commission.

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.

ARTICLE
17 February 2020

Extension Of The Cyprus Tonnage Tax System Until 31 December 2029

Cyprus Transport

Contributor

Elias Neocleous & Co LLC,  a young firm with a distinguished ancestry built on integrity, commitment and quality which we are not only continuing but expanding. Harnessing the power of technology we aim to deliver bespoke,  innovative legal solutions at ‘ cheetah fast ‘ speed. We look forward to working with all clients who share our passion for excellence driven by the highest standards of ethical legal services.
See More Popular Content From

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More