EU Commission approves shipping support in Cyprus

The European Commission said on Monday it had approved maritime transport support schemes in five EU countries – Cyprus, Denmark, Estonia, Poland and Sweden.

“The schemes encourage ship registration in Europe and contribute to the global competitiveness of the sector without unduly distorting competition,” the Commission said in a statement.

The Commission said that all five countries’ “seafarer” schemes would apply benefits to all vessels flying the flag of any EU country. Cyprus and Estonia also have a tonnage tax scheme, with taxation of dividends, which the Commission said ensured the same treatment as for shareholders in any other sector.

Source: In-Cyprus