As we have reported before, the Cyprus Shipping Deputy Ministry (SDM) announced some incentives for encouraging emission-reduction and protection of the environment by vessels.
Through a Circular issued by the SDM on 3 September 2021, the relevant procedure and practical arrangements for qualifying with those incentives has been determined.
It is reminded that starting from 2021, the Tonnage Tax will be reduced by up to 30% for each vessel that demonstrates proactive measures to reduce its environmental impact. The Green Incentives Programme, as it is known, is set to ensure that sustainable shipping efforts are generously rewarded.
The procedure to be followed by applicants is as follows:
1. The form MS TT 14-N must be submitted, duly completed, in June every year, to the following email addresses:
· For Cyprus ships at email@example.com.
· For Community ships at firstname.lastname@example.org.
2. The SDM will assess the supporting documents and certificates submitted and will determine whether the applicant is entitled to the Tonnage Tax reduction and the extent of this reduction.
3. A refund of the Tonnage Tax already paid by the applicant will be made accordingly.