Daily Archives: December 17, 2018

Tonnage tax: countries whose ships are subject to surcharge

In order to promote its objective of improving the quality of Cyprus shipping, the Merchant Shipping (Fees and Taxing Provisions) Law of 2010 imposes a surcharge on the tonnage tax payable on qualifying vessels registered in countries which appear on the ‘grey list’ or ‘black list’ of the Paris Memorandum of Understanding (MOU). Article 17(2)

Strengthening of investor protection

The law governing the Cyprus Securities and Exchange Commission has been amended to improve the Commission’s corporate governance and strengthen its investor protection powers. Law 137(I)/2018 provides for the CySEC board to be enlarged from five members to seven and for the appointment of an audit committee. It also expands CySEC’s information-gathering and investigatory powers

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