Thomas Kazakos, Director General of the Cyprus Shipping Chamber (CSC), has been appointed Chairman of the European Community Ship Owners` Associations (ESCA) Committee on State Aid to Maritime Transport.
A CSC press release notes that Kazakos was unanimously appointed to Head the State Committee during the ESCA Board of Directors meeting in Copenhagen, Denmark on Friday, October 10.
The Committee monitors how the European Commission regulates the specilised taxation system of shipping companies in the European Union, known as "Tonnage Tax".
The tonnage tax, approved by the European Union, is a more flexible way of taxation on ship owing companies, based on the tonnage of a ship instead of imposing the well-known corporate tax.
On the basis of the tonnage taxation system, the Cypriot Shipping Industry contributes 7% of the national GDP.
This appointment reflects the international recognition enjoyed by the Cyprus Shipping Industry, through the Cyprus Shipping Chamber, for the past 25 years, the CSC commented.