Ship Management Services
- Income derived from the rendering of ship management services is subject to tax at the rate of 4, 25%.
- The rendering of ship management services to ships allows a company the option to:
- Be taxed on its profits at the rate of 4,25%, or
- Pay 25% of the gross tonnage tax of the ship. The tonnage tax is not levied in respect of ships under Cypriot flag, for which a tonnage has already been paid.
The term Ship Management Services includes recruitment of crew, as well as services relating to technical and financial management of the ship, under certain conditions.