articles | 16 April 2020

Cyprus Shipping Chamber praises renewal of shipping taxation system by House

The Cyprus Shipping Chamber (CSC) said the maritime industry will greatly benefit from the renewal of the shipping taxation system, which was unanimously approved by the House plenum on Wednesday.

“The unanimous vote in parliament will ensure Cyprus has a prominent place in the shipping world for many years to come,” the CSC said.

According to the CSC, the renewed shipping taxation system fully covers the three basic shipping activities that are offered today in international shipping: ship-owning, ship management and the chartering of vessels, maintaining Cyprus as a major shipping force in Europe and the rest of the world.

“The decision is even more important considering the coronavirus situation in Cyprus and in the rest of the world, as it acknowledges the substantial contribution of the shipping industry to the Cypriot economy,” the CSC added.

The renewal of the shipping taxation system “will help the maritime industry stay alive in a time where every industry is struggling to survive.”

CSC Director General Thomas Kazakos also tweeted his satisfaction following the decision.

“Positive news for #CyprusShipping! Completing the successful renewal of the new Cyprus shipping taxation system with a unanimous approval, the parliament has secured our prominent position in the international shipping scene,” his tweet said.

Source: Cyprus Mail

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