InsiderBusinessEU Commission approves shipping support in Cyprus, four other countries

EU Commission approves shipping support in Cyprus, four other countries

The European Commission said on Monday it had approved maritime transport support schemes in five EU countries – Cyprus, Denmark, Estonia, Poland and Sweden.

“The schemes encourage ship registration in Europe and contribute to the global competitiveness of the sector without unduly distorting competition,” the Commission said in a statement.

The Commission said that all five countries’ “seafarer” schemes would apply benefits to all vessels flying the flag of any EU country. Cyprus and Estonia also have a tonnage tax scheme, with taxation of dividends, which the Commission said ensured the same treatment as for shareholders in any other sector.

(Reuters)

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