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Triumph of Cyprus Shipping in the European Union

Published Jan 13, 2011 9:47 AM by The Maritime Executive

A big triumph for Cyprus Shipping has been achieved today, with the official approval by the European Commission of the new, fully revised and upgraded Cyprus Shipping Taxation System, which had been submitted for official approval in January 2010.

This approval constitutes perhaps the most important success for Cyprus Shipping since the formation of the Republic of Cyprus and ensures the viability of the Cyprus Shipping Register and the Cyprus Shipping Industry, as well as the unhindered continuation of the important contribution of the Shipping Industry to the Cyprus Economy, which according to the latest available official statistical figures, exceeds 5% of the GDP, despite the continuing international financial crisis.

With the new Taxation System, Cyprus will be able to cover 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, rendering Cyprus as the “Shipping Metropolis” of Europe.

Consequently, it is expected that a big number of new shipping companies, both within and outside of the European Union, will seek to benefit from this new, very competitive, and at the same time, fully compatible with the European Acquis, Cyprus Shipping Taxation System, by establishing and operating new shipping offices in Cyprus.

This big success for Cyprus Shipping is the result of ten years of coordinated efforts and close collaboration between the Cyprus Maritime Administration (Ministry of Communications and Works, Department of Merchant Shipping) and the Cyprus Shipping Chamber, as well as other institutions and Governmental Departments, through successive and successful stages, in this long-lasting effort.

The Shipping Chamber would like to express the sincere appreciation of the Shipping Industry to the Maritime Administration and all the Governmental Authorities that worked conscientiously towards the achievement of this big success for Cyprus Shipping, and now aspires to the fast and unhindered adoption by the Cyprus Parliament through a relative Bill, of this very promising for the Cyprus Economy, approval by the European Commission.

Further details regarding the content of this new and competitive Shipping Taxation System will be provided during a joint Press Conference which will be organised in the immediate next few days by the Maritime Administration and the Shipping Chamber.