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New “Tonnage Tax” Bill Approved by the House of Representatives
5th May 2010
BREAKING NEWS
New “Tonnage Tax” Bill Approved by the House of Representatives
Following the advice given when the EU Commission officially approved the new fully revised and updated new Cyprus “Tonnage Tax” System on 24 March 2010, we are very pleased to advise you herewith, that following intensive lobbying made by the Chamber, the relevant Bill incorporating on national legislation level the approval received from the EU Commission was presented, debated and approved by the Council of Ministers on 22 April 2010.
The Bill was then sent through an “express” process to the House of Representatives the same day and again under the same express process, the Parliament in a Plenary Session on 23 April sent the matter for preliminary discussion to the Parliamentary Committee of Communications and Works on Tuesday, 27 April. The Chamber was represented at the afore-mentioned Parliamentary Committee by the Chamber Vice-President and Deputy Director General, Messrs. Andreas Neophytou and Alexandros Josephides respectively, who in close co-operation with the Maritime Administration, other Government Departments and business associates involved, managed to convince the Parliamentary Committee members unanimously not only to accept the proposed Bill without any changes but also to send the Bill again through a highly urgent process to the Plenary Session of the House of Representatives on Thursday, 29 April 2010, for final and formal approval.
As such, we are therefore, very pleased to report that at the Plenary Session on 29 April 2010, the House of Representatives unanimously approved the proposed new “Tonnage Tax” Bill, in effect one month ahead of our planned time-schedule. Please also note that the normal time necessary for a tax bill to go through Parliament varies from six months to a couple of years.
We shall now focus our efforts in working closely with the Maritime Administration in order that the new “Tonnage Tax” Bill is fully and correctly implemented by the Department of Merchant Shipping, the soonest possible
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