Building On A Successful Formula

Pro business policies and a tax friendly environment have spurred significant growth in Singapore’s maritime sector over the years, and more good news is on the way. The government has announced a slew of measures to further develop Singapore as an International Maritime Centre and perhaps the most interesting is the introduction of a five-year tax incentive from 1 April 2010 to 31 March 2015, which grants a concessionary tax rate of 10% for ship brokers and forward freight agreement traders.

In addition, ship management fees will soon be exempted from tax and the Maritime Finance Incentive (“MFI”) scheme will be renewed upon its expiry on 28 February 2011 for another five years to 31 March 2016. Under the MFI scheme, ship or container leasing companies, funds, business trusts or partnerships will enjoy a tax concession of 10% on qualifying leasing income.

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