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Cyprus floats automatic Ship Tonnage Tax renewal to buffer EU Shipping Sector
来源：shippingazette 编辑：编辑部 发布：2023/02/06 14:36:20
CYPRUS has suggested automatic renewals of tonnage tax systems as one of a series of measures to halt defections and benefit the shipping industry that's been hit by European sanctions on Russia, reports Reuters.
The recommendation is one of several the island has made to Brussels as part of a sector-wide support package for the oil price cap.
Tonnage tax is a system where ship owners can opt to pay an annual tax calculated on the basis of the carrying capacity of a ship rather than profit.
"Imposing sanctions is the right thing, but at the same time, we need to support a sector that inevitably faces some harmful effects," said Cyprus shipping deputy minister Vassilios Demetriades.
The Group of Seven nations, Australia, and the 27 EU countries imposed on December 5 a US$60 cap on seaborne Russian crude, hoping to reduce Moscow's ability to finance its war in Ukraine and preserve stability on the global oil market.
All those countries combined control 17.5 per cent of the global tanker fleet.
The island has the third largest ship register in the EU, after Malta and Greece.
The EU Commission has committed to adopting supportive measures for the sector by February 5.
Nevertheless, none of the measures Cyprus suggests have budgetary implications.
"The issue is not (about) compensating Cyprus or any EU member state for losing business. The issue is to keep shipping in the EU, to bring back any ships which de-flag," said Mr Demetriades.
"One of the measures of Brussels could be, for those member states that already have EU tonnage tax approved systems, (that they) could be automatically prolonged for another 10 years, for instance."
There are two alternatives by either building ships themselves or getting them into the world market.
As for the construction of container ships in Russia, the task can be solved by the shipyards of United Shipbuilding Corporation (USC) and by a new shipyard on the island of Kotlin in St Petersburg.
The recommendation is one of several the island has made to Brussels as part of a sector-wide support package for the oil price cap.
Tonnage tax is a system where ship owners can opt to pay an annual tax calculated on the basis of the carrying capacity of a ship rather than profit.
"Imposing sanctions is the right thing, but at the same time, we need to support a sector that inevitably faces some harmful effects," said Cyprus shipping deputy minister Vassilios Demetriades.
The Group of Seven nations, Australia, and the 27 EU countries imposed on December 5 a US$60 cap on seaborne Russian crude, hoping to reduce Moscow's ability to finance its war in Ukraine and preserve stability on the global oil market.
All those countries combined control 17.5 per cent of the global tanker fleet.
The island has the third largest ship register in the EU, after Malta and Greece.
The EU Commission has committed to adopting supportive measures for the sector by February 5.
Nevertheless, none of the measures Cyprus suggests have budgetary implications.
"The issue is not (about) compensating Cyprus or any EU member state for losing business. The issue is to keep shipping in the EU, to bring back any ships which de-flag," said Mr Demetriades.
"One of the measures of Brussels could be, for those member states that already have EU tonnage tax approved systems, (that they) could be automatically prolonged for another 10 years, for instance."
There are two alternatives by either building ships themselves or getting them into the world market.
As for the construction of container ships in Russia, the task can be solved by the shipyards of United Shipbuilding Corporation (USC) and by a new shipyard on the island of Kotlin in St Petersburg.