The House Representatives is following very closely the developments of the imminent approval by the European Union of the new ‘Cyprus Shipping Taxation System’ reform package.

The new taxation package will help to upgrade and maintain the existing
tax legislation, to help Cyprus develop into an even bigger shipping
centre internationally and upgrade even more the quality of its
merchant fleet, House President Marios Garoyian said in his address to
the annual dinner of by the Cyprus Shipping Chamber.

Garoyian noted that Cyprus will be able to offer a very competitive
operational framework for all types of shipping companies. He added
that in its over 20 years of existence, the Shipping Chamber has been
transformed into an important shipping organisation and has gained the
reputation as a reliable partner of the state on all issues concerning
Cyprus shipping.

He said that the significant and multifaceted technical know-how and
expertise that our shipping industry possesses helps in the
introduction and adaptation of special measures to encounter various
outside factors that can have a negative impact on shipping.

On his part, CSC President Eugen Adami said that despite the current
low freight market and the international shortage of finance, the
future of Cyprus shipping appears once again quite promising. As he
noted, Cyprus has all the experience and potential, both in terms of
material and human resources, not only to continue to offer highest
quality shipping services, but also to raise its position even higher
as a shipping centre of exceptional importance, with a fully developed
and all embracing maritime infrastructure.

GREATER ROLE

Captain Adami said that with the new shipping taxation Cyprus will be
able to fulfil all the necessary requirements to develop further into
an even greater pole of attraction for quality shipowners, shipmanagers
and charterers from both within the EU and more importantly from
outside the EU.

He stressed that the Cyprus shipping industry, as an integral part of
the international shipping community, will remain commited towards the
protection of the environment, by applying highest safety standards and
energy conservation.

In his welcoming address, the Director General of the Chamber, Thomas
Kazakos, noted that “our aim is to bring shipping even closer to the
various decision making centres.”

In his address, President Demetris Christofias said that “Cyprus
constitutes today an international shipping power and an overall
modern, quality and comprehensive shipping complex.”

On the political side, the president said that “with the Cypriot flag
flying across the globe, and Cyprus’ presence in international shipping
organisations, the entity of the Republic of Cyprus is reinforced”.

“The extensive presence of foreign investments in Cyprus creates
conditions of enhanced security, while the foreign employees of
shipping companies in Cyprus become the best envoys of our national
problem abroad”, he added.

President Christofias said that the shipping industry in Cyprus has
managed, through timely and well-planned actions, to moderate the
adverse effects of the world economic crisis.

LOOKING TO THE FUTURE

“The Cypriot shipping industry has absorbed the negative results of the crisis and is looking towards the future”, he added.

Cyprus, he said, has the experience and the capabilities to continue to
provide high-level shipping services and elevate further its position
as an extremely significant shipping hub with state-of-the-art
infrastructure.

“Furthermore, it can offer the necessary human resources which are of the highest business standards”, he pointed out.

President Christofias said that on the basis of a meticulously
structured action plan, aiming at the constant offer of tax and other
incentives, and always within the framework of EU regulations, Cyprus
is at the threshold of a huge accomplishment on the international
shipping scene.

The new shipping tax framework, he added, which will also be approved
very soon by the European Union, will certainly provide additional
momentum acting as a national counterbalance to the consequences of the
international crisis.

PIRACY ON THE SEAS

Referring to the international problems faced by shipping and
particularly the cases of piracy in the wider Indian Ocean, he said
that Cyprus will continue working at all international fora to ensure
that the necessary measures are taken to resolve this serious problem
and for the principle of the Freedom of the Seas to be imposed.

“This principle is of vital importance for world trade and the
international economy, in spite of the fact that the Cypriot shipping
is still facing Turkey’s illegal embargo”, as Ankara refuses to comply
with its EU obligation to open its ports and airports to vessel and
aircraft flying the Cypriot flag.

Having witnessed considerable growth since its establishment in 1989,
originally as the Cyprus Shipping Council, with 17 founding members,
the Chamber today comprises all the major ship-owning, ship-management
and shipping related companies based in Cyprus.

The members of the Chamber own and/or manage from Cyprus, approximately
2170 vessels exceeding 43 mln gross tonnes, thus making it one of the
largest national shipping associations in the world and the third
biggest fleet in the EU after Greece and Malta.

Source: Financial Mirror

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