On July 7, 2017, the Agreement between the Government of the Republic of Cyprus and the Government of the Republic of India on the Merchant Shipping Law of 2017 was published in the Official Gazette of the Republic.
The Contracting States, wishing to strengthen friendly relations with each other and to deepen their economic relations, signed the agreement in April 2017, agreeing, inter alia, on the following:
- Cooperate on the basis of equal rights, mutual benefits and the principle of freedom of navigation
- Promote the participation of their vessels in the transport of goods between their Member States and work together to remove any obstacles which may hinder the development of maritime trade between them
- Recognize the ship's nationality of the other Contracting Party
- Provide the same treatment that they provide to their own ships engaged in international voyages, in terms of free access to ports, the use of ports for loading and unloading cargo, etc.
- Taxation of income of any kind arising from the use of ships on international voyages will be regulated in accordance with the provisions of the Cyprus-India Agreement for the Avoidance of Double Taxation and the Prevention of Tax Evasion with respect to Income Taxes.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
