THURSDAY, 15 NOV 2018

 

CONNECT

Facebook Linked In Twitter
MTN_07/07-10/04_728x90px
Invest Cyprus 30/04-30/03/2019
IMH LTD

Akinci Insists on a Non-Functional State

Andrej Kiska: Slovakia Will Continue the Same Policy on Cyprus Problem

IMH LTD
PwC_Shipping_14/11-28/11_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

Speed up your Client Onboarding Process with Electronic Identity Verification

Knowing Your Customer used to be about a firm handshake and a standing invitation to the ...

Brexit: Residence Rights of UK Nationals in Cyprus

On 23 June 2016, the majority of the UK's electorate voted to leave the European ...

CySEC: An Overview of the Cyprus Securities and Exchange Commission

The Cyprus Securities and Exchange Commission better known as CySEC, is the financial ...

FROM AROUND GOLDNEWS

   

Full Steam Ahead for Cybarco

The leading luxury developer and the backbone of the reputable Lanitis Group, Cybarco is continuing to set new standards for property development in Cyprus ...
   

Stephen Carver: Project Management is a Mindset That is Applicable Across All Sectors

Stephen Carver is constantly rated as one of the top 3 lecturers at Europe’s top Business Schools - Cranfield. He has a reputation of taking complex ...
   

Andrej Kiska: Slovakia Will Continue the Same Policy on Cyprus Problem

Slovak President Andrej Kiska has assured new Cypriot Ambassador Michalis Stavrinos that his country will continue following the same policy on the Cyprus ...
   

Poland Supports a Lasting and Functional Solution That Will Make Cypriots Feel Safe

Poland’s new Ambassador to the Republic of Cyprus, Irena Lichnerowicz-Augustyn,  said her country supports any lasting and functional solution that ...
   

Atlantica Hotels & Resorts Wins 13 Awards at The Tui Northern Region Hotel Awards – London 2018

We are proud to announce that Atlantica Hotels & Resorts has been recognized with 13 major awards at the TUI Northern Region Hotel Awards ceremony which ...
   

UK Inflation Holds Steady at 2.4% in October

The UK inflation rate remained steady at 2.4% in October, confounding analyst expectations of a rise to 2.5%. The Consumer Prices Index (CPI) figure included ...
   

Japan GDP: Natural Disasters Hit Economic Growth

Japan's economy shrank in the third quarter as natural disasters hit spending and disrupted exports. The economy contracted by an annualised 1.2% ...
   

Beer Deliveries up by 3.6% in First 10 Months of 2018

Beer deliveries during the period of January - October 2018 reached 37.10 million litres, recording an increase of 3.6% compared to the same period of 2017, ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Deloitte_2016_300x250px
GloriaJeans_300x250px

IMH LTD