SATURDAY, 20 JAN 2018

 

CONNECT

Facebook Linked In Twitter
MTN_07/07-10/04_728x90px
GloriaJeans_266x90px
IMH LTD

Uber Co-Founder Travis Kalanick Officially a Billionaire

Markos Kashiouris: IronFX Enters into $100M Agreement with Middle East Investor

IMH LTD
MTN_07/07-10/04_468x60px

OPINION

New Cyprus-India Agreement on Merchant Shipping

New Cyprus-India Agreement on Merchant Shipping

A new reciprocal agreement on merchant shipping between Cyprus and India was signed in New Delhi on April 28 2017. The agreement entered into force on November 29 2017, replacing an earlier agreement dated February 11 1997. The most significant provisions of the new agreement are as follows.

• Each country must treat the other country's vessels in the same way as it treats its own vessels engaged in international voyages in respect of free access to ports, the use of ports for loading and unloading cargo and embarking and disembarking passengers and the payment of dues and taxes based on tonnage or otherwise, in accordance with national laws and regulations, exercising normal commercial operations and engaging in services relating to navigation (Article 5).

• Each country must recognise identification documents issued by the competent authorities of the other country to crew members who are nationals of that country (Article 7).

• While a vessel of one country is in a port in the other, all crew must be permitted temporary shore leave in the municipality to which the port belongs and the territories of adjacent municipalities without any visa being required, provided that:
o they can show the relevant identification under Article 7; and
o the master of the vessel has submitted a crew list to the appropriate authorities at the port in accordance with the regulations in force in that port (Article 8).

• If a vessel of one country is shipwrecked, runs aground, is cast ashore or suffers any other accident off the coast of the other country, the vessel and the cargo are entitled to the same benefits and privileges and are subject to the same liabilities that apply to the host country's ships and their cargo. The crew and passengers are entitled to the same level of assistance available to the crew and passengers of the host country's ships (Article 10).

• The taxation of income of any kind derived from the use of vessels in international traffic is governed by the double tax agreement between the two countries (Article 11(1)).(1)

• Residents of one country who are employed on vessels of the other are subject to tax on income from that employment only in the country in which the vessel is registered and whose flag it flies (Article 11(2)).

• Freight income obtained from the operation in international traffic of vessels of one country by enterprises established in accordance with national legislation will be exempt from fees and taxes of any kind in the other country (Article 11(3)).

• Shipping enterprises of one country may use income and other revenue deriving from maritime transport operations obtained in a freely convertible currency within the other country's territory for the purpose of making payments in that territory and may remit any surplus funds abroad (Article 11(4)).

 

For further information on this topic please contact Costas Stamatiou at Elias Neocleous & Co LLC by telephone (+357 25 110 110) or email (costas.stamatiou@neo.law). The Elias Neocleous & Co LLC website can be accessed at www.neo.law.

MORE ON OPINION

Taxation of Deemed Benefits on Loans and Advances to Directors and Shareholders

Interpretative Circular 14, issued by the Tax Department on November 14 2017, clarifies ...

FROM AROUND GOLDNEWS

   

HSBC to Pay $101.5m to Settle Currency Rigging Probe

HSBC has agreed to pay $101.1m (£72.7m) to settle a US criminal investigation into rigged currency transactions. The bank has admitted its traders ...
   

Markos Kashiouris: IronFX Enters into $100M Agreement with Middle East Investor

IronFX has changed the name of its registered company in Cyprus, to Notesco Financial Services, after the brokerage signed a deal for a significant investment ...
   

Macron: UK Must Pay Into Budget to Keep Banks’ EU Access

Britain must pay into the European Union budget and accept the jurisdiction of EU courts if it wants its banks to keep full access to the bloc’s markets ...
   

South Korean Group Files Complaint against Apple CEO over iPhone Slowdown

A South Korean consumer group has filed a criminal complaint against Apple Inc CEO Tim Cook over slower iPhone devices, after probes in Europe into allegations ...
   

House Prices up by 4.1% in the Euro Area

House prices, as measured by the House Price Index, rose by 4.1% in the euro area and by 4.6% in the EU in the third quarter of 2017 compared with the same ...
   

IN Business Awards 2017: The Winners

The IN Business Awards 2017 ceremony took place at the Hilton Park Hotel, Nicosia, on January 18, attended by business leaders, industry giants, small ...
   

GOLD Magazine: That’s Entertainment!

In Cyprus, most people’s idea of a good night out means going to a restaurant or bar while the number of cafes opening in all towns in recent years has ...
   

Banking Union: First Progress Report on the Tackling of NPLs

The European Commission has welcomed the headway made in tackling non-performing loans (NPLs) in the EU as part of ongoing work at the national and EU level to ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Deloitte_2016_300x250px
GloriaJeans_300x250px

IMH LTD