The EU Commission has yesterday approved the new Cyprus Tonnage Tax System for another 10 years.

Cyprus Shipping achieved yesterday 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 6 November, 2019. This great achievement is the example of the close cooperation and the coordinated efforts between the Shipping Deputy Ministry, other Government/State Agencies, the Cyprus Shipping Chamber and the Cyprus Union of Shipowners.

Further to the success of the Shipping Taxation System approval in 2010, which constituted one of the important success for Cyprus Shipping and ensured the viability of the Cyprus Shipping Register and the Cyprus Shipping Industry, today Cyprus Shipping can continue its successful course a very competitive, and at the same time, fully compatible with the European Acquis, Cyprus Shipping Taxation System, maintaining its prominent position in International Shipping and develop it even further.

The Cyprus Taxation System, fully covers in their most modern form, 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 a convincing leverage for attracting additional quality shipowners and shipping companies in Cyprus, with a positive chain effect on Cyprus Economy and society.

The Shipping Chamber expresses its sincere appreciation to the Shipping Deputy Ministry and all its associates who contributed towards this very important success, for the productive cooperation. On a final note, the Shipping Chamber looks forward for the urgent endorsement of the new Shipping Taxation System from all Political Parties in Parliament, so as for the relevant Bill to be applied the soonest.