Reklam
Reklam
Reklam
Reklam
Reklam

Dozens of Greek shipping firms relocate to Cyprus to dodge likely tax hikes

WITH an expected tax hike looming in Greece, at least 42 Greek shipping companies have relocated to Cyprus and entered the island republic's commercial registers, according to the Limassol Chamber of Commerce and Industry.

Dozens of Greek shipping firms relocate to Cyprus to dodge likely tax hikes
03 December 2015 - 21:38

Dozens of Greek shipping firms relocate to Cyprus to dodge likely tax hikes

WITH an expected tax hike looming in Greece, at least 42 Greek shipping companies have relocated to Cyprus and entered the island republic's commercial registers, according to the Limassol Chamber of Commerce and Industry.

A number of these shipping firms have already begun business operations in Cyprus, opening bank accounts and leasing offices. The city of Limassol is the largest ship management service centre in the European Union, hosting 130 companies that operate internationally, reported ekathimerini.com.

According to data published by the Central Bank of Cyprus regarding the first half of this year, revenues from shipping activities rose 9.3 per cent from the second half of 2014 to reach EUR464 million (US$492.7 million).

The data showed that Greek shippers' contribution to Cypriot revenues from the sector increased from two per cent in the first half of 2014 to six per cent in the January-June 2015 period.

This news 4588 hits received.

COMMENTS

  • 0 Comment