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The Shipping Deputy Ministry expresses its appreciation to the House of Representatives for passing the law for the Extension of the Cyprus Tonnage Tax System

The Shipping Deputy Ministry expresses its appreciation to the House of Representatives for its unanimous decision to pass the Law on the extension of the Cyprus Tonnage Tax System.

The Cyprus Tonnage Tax System is addressed at shipowners, operators and ship charters and by approving its expansion for the next 10 years we ensure the stability and reliability of Cyprus for shipping companies that operate or planning to operate in our country or/and register in Cyprus.

The extension of the tax system is expected to encourage the registration of ships in the Cypriot registry and in European registries, as well as the presence and the further development of shipping companies and activities in Europe. This system contributes to the competitiveness of the Cyprus shipping sector and supports the high European standards for environmental protection and maritime safety.