Cyprus New Tonnage Tax System for Shipping Activities
On April 29th 2010 the Cyprus Parliament enacted a bill introducing a new tonnage tax system in Cyprus. The new regime enters into force retroactively as per the beginning of this year and has already received EU approval.
One of the improvements compared to the old legislation is that owners of foreign flag vessels and charterers may also be entitled to its benefits. Furthermore, the benefits are also extended to income such as gains from the disposal of vessels and certain interest earned on funds.
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