August 23, 2019

The Cyprus Tonnage Tax System – a useful tool for ship owners, managers and charterers

With the emergence of Cyprus as a leading maritime centre encompassing the full range of shipping related activities coupled with its attractive tax regime, we would like to remind clients of the benefits and importance of the Tonnage Tax System (the “TTS”) which was approved by the European Commission transposed into national legislation by the Merchant Shipping (Fees and Taxing Provisions) Law of 2010 (the “Law 44(I)/2010”). 

Qualifying owners of Cyprus and foreign ships, charterers and ship managers who opted and are accepted to be taxed under the TTS are subject to...

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