Cyprus extends tonnage tax payment deadlines

As a support to shipping companies and shipowners during the coronavirus crisis, the Cyprus Shipping Ministry has extended the deadline for payment of the registry maintenance annual fee and the tonnage tax.

The deadline for payment of the tonnage tax and the registry fee for 2020 have been pushed back two months to 31 May, the ministry said. Confirming the decision, deputy minister of Shipping, Natasa Pilides, said the impact of the virus on the shipping industry will be unavoidable.

“I believe the impact will be unavoidable both on the Cypriot economy and on Cyprus shipping through the financial results of the shipping companies which unfortunately will be affected,” said Pilides.

The shipping and ship management industry in Cyprus is estimated to generate around 7% of the island’s GDP.

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