Major achievement for Cyprus Shipping


Cyprus Shipping achieved yesterday the successful prolongation of the Cyprus Shipping Taxation System for another 10 years by the European Commission, which had been submitted for official approval on 6th November, 2019.

Cyprus Shippign Chamber says 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.

Natasa Pilides, Cyprus Shipping Deputy Minister, said: “To be recognised by the European Commission for our fair and transparent Tonnage Tax System, which has already been applicable for 10 years and is now extended for another ten years, demonstrates our commitment to the sustainable growth of European Shipping and enables us to continue with our strategy for the sustainable growth of the sector in Cyprus and in Europe. We are committed to providing a stable, reliable and forward-thinking registry and maritime cluster that will appeal to all shipowners, managers, and charterers. We are confident this prolonged system will assist in increasing the tonnage of our fleet as well as the breadth and sophistication of our cluster.”

She continued: “Both the number of ships registered under the Cyprus Flag and the number of companies under the Cyprus Tonnage Tax System is growing steadily, and we are committed to continuing this trend. Our Tonnage Tax System is one of the many benefits of the Cyprus flag and maritime cluster and we would like to thank the European Commission for the excellent collaboration, as well as their dedication to maintaining competitive and high-quality standards within the EU.”

She expressed her sincere appreciation and thanks to all collaborators from the Shipping Deputy Ministry, the Government Authorities and the Private sector who contributed to this success.

Ranking amongst the top international fleets, the Cyprus Flag averages seven years of age, encompassing over 1,000 oceangoing vessels with a total gross tonnage exceeding 24 million.