Cyprus Shipping License & its Current Tax Levels Renewed for 10 More Years
The European Commission has granted Cyprus’ Shipping request by to prolong the Cyprus Shipping Taxation System for another 10 years. The extension request was submitted to the Commission for official approval earlier towards the end of 2019, according to reports.
The Cyprus Shipping Chamber released a statement about the approval being a huge win for the shipping sector and is a result of the close collaboration and the synchronised efforts between government agencies and the following bodies who all worked during 2019 to propose the request:
- The Cyprus Shipping Deputy Ministry.
- The Cyprus Shipping Chamber
- The Cyprus Union of Shipowners.
“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 a substantial leverage for attracting additional excellence and skilled shipowners and shipping companies in Cyprus, with a positive domino effect on Cyprus Economy and society.”
The Cyprus Taxation System fully covers the three basic maritime activities that are offered currently in International Shipping, establishing Cyprus as a major Shipping Centre in both EU & International Shipping via:
- The Chartering of vessels.
- Ship-ownership & general management.
Cyprus shipping and maritime sector is a valuable asset for the island, earning an annual revenue equivalent to 7% of total GDP, with 3% of the total workforce being employed in the broader maritime industry; with the Cypriot fleet being one of the largest in the world, stated President Anastasiades.
During the annual meeting of the Cyprus Shipping Association, the President’s address read by Ms Natasa Pilides, the Shipping Deputy Minister to the President affirmed government support to efforts for the development and continued expansion of the Cyprus Shipping sphere.