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Business As Usual At Cypriot Ship Registry, Minister Claims

by Lorys Charalambous, Tax-News.com, Cyprus

01 April 2013


Cypriot Transport Minister Tasos Mitsopoulos has stated that the operations of the nation's Shipping Registry will be unaffected by the turmoil in the banking sector.

Mitsopoulos reassured shipping companies with vessels registered in Cyprus that there were no impending changes to the nation's tonnage tax regime, and announced that the Government had extended the deadline for payment of tax and other dues for the 2013 tax year by two weeks, to April 15, 2013.

In a written statement, the Minister said: "The Department of Merchant Shipping and the Registrar of Cyprus ships have been and will continue to operate as usual."

The Minister downplayed the impact of Cyprus's banking crisis on the local shipping industry, pointing out that none of the island's banks are active in ship financing.

Despite Mitsopoulos's assurances, many shipping companies' bank deposits in Cyprus are expected to be heavily impacted by the banking sector developments, and could see losses topping 40% on amounts over EUR100,000, alongside the imposition of capital controls, which may restrict the companies' business activities.

Mitsopoulos said his department would continue to "monitor the situation" and "proactively deal with any matters stemming from the circumstances."

TAGS: tonnage tax | tax | business | marine | banking | Cyprus

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