November 22, 2011 | having difficulty Viewing this email? view THE online version

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Latest Tax-News Special Feature


Tax-News Special Feature - Cyprus Shipping Review 2011/12

The Cypriot shipping industry has experienced strong growth since the creation of the shipping registry in 1963 and several ingredients have combined to make Cyprus one of the most important locations for a variety of maritime-related activities, including a benign tax regime, modern financial and legal infrastructure, low operating costs and geographical location at the junction of three continents.


As one of only two 'open' registries in the European Union (EU), it is estimated that the Cypriot fleet accounts for a quarter of all the ships registered in the EU; and the Cyprus shipping registry is the tenth-largest in the world. As a result, the sector makes a substantial contribution to the Cypriot economy, with recent figures indicating that shipping accounts for about 5% of gross domestic product.


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Latest Tax News


US Deficit Committee Fails To Agree

After the news that the level of United States public debt had already surpassed USD15 trillion, it was the turn of the Congressional Joint Select Committee on Deficit Reduction to announce that it had not been able to agree a plan for United States fiscal deficit reductions over the next decade, before its deadline of November 23. Read Full Story »


Greek PM Seeks Cross-Party Bailout Pledge

Greek Prime Minister Lucas Papademos has called for all party leaders of the country's interim national unity government to provide written assurances to the European Union of their commitment to the painful, rigorous terms of Greece's new EUR130bn (USD176bn) international bailout deal. Read Full Story »


UK Mulls General Anti-Avoidance Rule

The introduction of a narrowly focused general anti-abuse rule will lead to a fairer, more principled and simpler tax system in the UK, according to a new report published for the government. Read Full Story »


China Confirms VAT Pilot In Shanghai

China's Ministry of Finance and the State Administration of Taxation have confirmed that, from January 1, 2012, the pilot scheme to replace the existing business tax on the country's service sector with value added tax will start in Shanghai. Read Full Story »

Read more latest news »

Shipping in Cyprus

Today, Cyprus can take pride of the fact that it is an ideal centre for the establishment of ship owning and ship management companies. The maritime industry is among the largest of the European Union while Cyprus is the biggest third party ship management centre in the EU. The most important advantage of Cyprus as an International shipping center is its low registration fees and taxes.


Field of Expertise:

  • Shipping taxation
  • Ship and Yacht Registration World Wide
  • Crew Payroll and VAT
  • M & A Transactions
  • Transfer of ownership

Michalis Zambartas

Tax & Legal Associate at Eurofast Taxand


Tel: +357 22 699 222



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