The is aim to ensure competitive taxation and minimal
bureaucracy
The Department of Merchant Shipping of Cyprus is promoting four
stages of advancement in its attempt to safeguard its competitive
shipping industry on the international stage. One year after its
institution, the Department has adopted its own road-map and is
gradually executing various reforms.
These goals shall be accomplished through a number of smaller
objectives. With an aim of maintaining the stable and
business-friendly framework it has towards foreign investors in the
shipping industry, the Department shall simultaneously work in two
lines of action: firstly, it will maintain its taxation policy as
its competitive edge and secondly, it shall decrease bureaucracy.
Thus, the Department supports the gradual extension of the Cypriot
tonnage tax and shall streamline and simplify shipping licencing
fees.
