Press Release: State aid: Commission clears special tax regime for international maritime transport companies in Cyprus

The European Commission approved on 24 March 2010 under EU state aid rules a proposal by the Cypriot government to impose a special reduced tax on companies engaged in international maritime transport, which replaces the corporate tax. The Commission found that the scheme, which exists in several other EU countries, will enhance the competitiveness of the Cypriot fleet without unduly distorting competition.