The Merchant Shipping (Taxation and Other Matters relating to Shipping Organisations) Regulations as amended by Legal Notice 83 of 2010 (the “Law”) provides full exemption to Maltese registered vessels owned, chartered or managed by a Maltese Shipping Organization from all income tax due on or in relation to the ownership, operation or management of the said vessel. The Maltese owner, charterer or manager would be liable to pay a pre-established annual “tonnage tax” due to the Authority calculated with reference to the net registered tonnage of the vessel, independent of actual earnings.
Archive for January, 2015
Malta offers yacht owners looking to buy a new boat attractive savings on VAT. This scheme is recognised by the EU (since Malta is a full EU member state) and vessels will be ‘EU VAT PAID’ and free to navigate in EU waters without any restrictions. Malta’s shipping registry has grown extensively in the last years and lists some of the most prestigious yachts sailing today. Vassiliades and Co. Malta Limited offers Malta solutions to yachts owners including registration of commercial yachts, VAT-efficient leasing structures and temporary importation procedures.
Cyprus, by virtue of its exceptionally advantageous tax system, has emerged into one of the most attractive holding regimes worldwide. It offers one of the lowest corporate tax rate in the EU at 10% and ensures compliance with EU requirements as an EU Member State which is also committed to the OECD requirements against harmful tax practice. Featured with a substantial number of Double Tax Treaties with other States and enhanced with one of the most business-friendly legislative frameworks, Cyprus justifies for an ideal holding and investment destination.
On the 29th July 2013, the VAT Department published guidelines in relation to the Malta VAT treatment of short-term yacht charters starting in Malta, which guidelines are largely similar to the interpretation which is applicable to long-term yacht leases.
The Seychelles Maritime Safety Administration (SMSA) was created in 2004 and is the regulatory and supervisory authority within the Ministry of Home Affairs and Transport. The SMSA is responsible for ship and yacht registration in the Seychelles.
This Guide is created to provide a detailed overview of the Cyprus Tax System for 2015.
The following is covered:
- CORPORATION TAX
- SPECIAL CONTRIBUTION FOR DEFENCE FUND
- CAPITAL GAINS TAX
- PERSONAL INCOME TAX
- SOCIAL INSURANCE
- VALUE ADDED TAX
- IMMOVABLE PROPERTY TAX
- TRANSFER FEES BY THE LAND REGISTRY DEPARTMENT
- STAMP DUTIES
- DOUBLE TAXATION AGREEMENT
- TAX CALENDAR
- PENALTY NOTES