Cyprus Adopts Tax Exemption for Foreign Seafarers
The Cypriot parliament passed legislation with 23 votes in favor and 19 against that exempts compensation for seafarers who are not permanent residents of the Republic from contributions to the Social Cohesion Fund, effective retroactively from January 1, 2010. The regulation is intended to eliminate a distortion in the law and strengthen the competitiveness of the Cypriot shipping sector.