23-01-19, 01:24 PM
I see that PP&O ferries are another company also using brexit as their cover story for their long held plans to move the registration of their ships to Cyprus.
Here is the real reason. Cyprus has an extremely beneficial tax regime for shipping operations. Tax is charged on the basis of the tonnage and the age of the vessel, rather than on profit, which offers substantial savings compared with conventional taxations.There is no tax on profits from the operation or management or on dividends received from a vessel-owning company, and the wages of officers and crew are exempt from income tax. There is no capital gains tax on the sale or transfer of a Cyprus-registered vessel or the shares of a vessel-owning company, and no stamp duty on ship mortgage deeds.
Cyprus is one of the world’s top five ship management centres worldwide, I wonder why :rolleyes
As VNA always likes to remind us - remainers kicking leavers - you are kicking the wrong target.
Here is the real reason. Cyprus has an extremely beneficial tax regime for shipping operations. Tax is charged on the basis of the tonnage and the age of the vessel, rather than on profit, which offers substantial savings compared with conventional taxations.There is no tax on profits from the operation or management or on dividends received from a vessel-owning company, and the wages of officers and crew are exempt from income tax. There is no capital gains tax on the sale or transfer of a Cyprus-registered vessel or the shares of a vessel-owning company, and no stamp duty on ship mortgage deeds.
Cyprus is one of the world’s top five ship management centres worldwide, I wonder why :rolleyes
As VNA always likes to remind us - remainers kicking leavers - you are kicking the wrong target.
I don't do rain or threat there of. dry rider only with no shame.