First Notifications Under the Merchant Shipping (Fees and Taxing Provisions) Law of 2010

The Merchant Shipping (Fees and Taxing Provisions) Law of 2010 (the Tonnage Tax Law) left certain issues of detail to be determined by the Cyprus Department of Merchant Shipping. The Department has now issued Notifications setting out the arrangements for payment of tonnage tax by owners of ships on the Cyprus Register, the definition of Community ship for the purposes of the Tonnage Tax Law and the towage and dredging activities which qualify for taxation under the tonnage tax regime.

The Taxation of Owners of Cyprus Ships Notification of 2010

Tonnage tax of Cyprus ships pursuant to section 9 of the Tonnage Tax Law is payable annually in advance to the Department of Merchant Shipping, no later than 31 March in each year. The first annual fee under section 4 (2) of the Tonnage Tax Law is payable to the Department in advance on registration of the ship in...