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Cyprus shipping sees 30% tonnage tax reduction for lower emissions
January 20, 2021
The Cyprus Shipping Deputy Ministry (SDM) has announced a new range of green incentives to reward vessels that demonstrate effective emissions reductions. From fiscal year 2021, annual tonnage tax will be reduced by up to 30 per cent for each vessel that demonstrates proactive measures to reduce its environmental impact, ensuring shipowners are rewarded for sustainable shipping efforts.
“As a leading maritime nation, we have an obligation to support efforts in reducing GHG emissions. We believe that flag states are well-positioned to support ship owners in making sustainable shipping choices which they can benefit from both operationally and financially. Striking the right balance between the green transformation and competitiveness is a challenge but also presents opportunities,” commented Deputy Minister for Shipping Vassilios Demetriades in a statement released on Tuesday.