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Grant Thornton Tax Facts 2012

Grant Thornton Tax Facts 2012

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Published by: Dinos Marcou on Apr 02, 2012
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04/02/2012

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As of 1 January 2010 a new Tonnage Tax System (TTS) was
introduced, which covers the three main “Maritime
Transport” Activities offered in international shipping today,

namely ship-owning, ship-management (split into crew
and/or technical management) and chartering. It also applies

to fleets comprising of either EU flag or “mixed fleets” (EU

& Non-EU Flag ships)

Under the new TTS, no tax is imposed on:
Profits from shipping operations
Dividends paid directly or indirectly out of such
profits or from the sale of a ship
Interest earned on funds used as working capital or
for the financing, operation or maintenance of the
ship
Profits from sale of a ship or the shares of the ship-
owner company

The same tax exemptions are offered with regard to the
taxation of charterers and ship-management companies,
respectively.

Furthermore, the remuneration of a Cyprus ship crew is tax
exempt.

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