Kazakos was unanimously appointed to head the State Committee during the ESCA Board of Directors meeting in Copenhagen.

The Committee monitors how the European Commission regulates the specialised taxation system of shipping companies in the European Union, known as ‘Tonnage Tax’. The tonnage tax, approved by the European Union, is a more flexible way of taxation on ship owing companies, based on the tonnage of a ship instead of imposing the well-known corporate tax. On the basis of the tonnage taxation system, the Cypriot Shipping Industry contributes 7% to GDP.

The appointment of Kazakos reflects the international recognition enjoyed by the Cyprus Shipping Industry, through the Cyprus Shipping Chamber, for the past 25 years, the shipping chamber said.

Source: Cyprus Mail