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ARTICLE · 18 JANUARY 2013

Shipping - Guidance On The Tonnage Tax System

Elias Neocleous & Co LLC
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The Department of Merchant Shipping has recently issued guidance on several aspects of the tonnage tax system under the Merchant Shipping (Fees and Taxing Provisions) Law (44(I)/2010).

CyprusTransport
Costas Stamatiou
Costas Stamatiou
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The Department of Merchant Shipping has recently issued guidance on several aspects of the tonnage tax system under the Merchant Shipping (Fees and Taxing Provisions) Law (44(I)/2010).

Circular 44/2012 confirms that owners of yachts and pleasure craft are not required to file tax returns, even though they are deemed to be non-qualifying owners (and consequently not subject to tonnage tax), provided that the vessel concerned is used exclusively by the owner for non-commercial purposes. If the yacht or pleasure craft is used either wholly or partially for commercial purposes, the owner must submit income tax returns and tax computations to the Inland Revenue Department and will be taxed accordingly.

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