Under EU state aid rules, the EU Commission approved the prolongation of Cyprus’ tonnage tax scheme, which applies to ship ownership, ship management and ship chartering activities for the next ten years. Cyprus was the first ever open registry to have a TTS approved by the EU.
Cyprus’ Shipping Deputy Ministry issued the Merchant Shipping (Fees and Dues with respect to Ocean Going Commercial Cyprus Ships) Regulations 2019 (Administrative Act 322/2019), which presents the new fees and charges for ocean-going commercial ships, registered in Cyprus, that came into force in September 17, 2019.
Cyprus plans to abolish ship initial registration fees as part of its efforts to attract competitiveness and attract more ship registrations, Deputy Minister for Shipping Natasa Pilides announced on Friday, during a briefing at the parliamentary committee on transport.
As InCyprus reported, Cyprus has an emergency plan in place, under the possibility that a hard Brexit might follow, even though it is being kept at low profile. Sources from the Deputy Ministry stated that the UK will be considered a third country in accordance with EU rules and regulations.
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