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“Crew Management” Companies eligible for Tonnage Tax
17th June 2009
As we have reported previously, the Chamber in very close cooperation with the Cyprus Government and other business associates both in Cyprus and in Brussels, has been working and lobbying very hard in an effort to convince the EU Commission to allow “Crew Management” Companies (and by extension also, shipping companies offering only Technical Management), to be allowed to be taxed under the already approved tonnage tax schemes for “Full Management companies”.
In this connection, we are very pleased indeed to advise our Members that, the College of EU Commissioners, has issued an interpretation ruling of the EU Commission Guidelines on State Aid for Maritime Transport (under which all EU Member States have their tonnage tax systems assessed and approved), whereby it was officially announced that “Crew Management” Companies, will be eligible to apply to come under tonnage tax system, provided a number of conditions are met, for which we are quite confident that our crew management companies will be able to satisfy in order to benefit from this very positive development. Similarly, the same will from now on apply for management companies offering only “technical management” services.
This is a very positive development for Cyprus and European Shipping and a great encouragement for both the Cyprus Government, as well as the Cyprus Shipping Industry, to expedite now even faster our long going efforts to finalise a full revision of our “Tonnage Tax” Law and officially submit same to the EU Commission for assessment under the new regime for Shipmanagement companies.
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