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Singapore extends incentives to shipbrokers, managers

Singapore: The Singapore government has extended financial incentives to both ship brokers and ship managers in its 2010 budget. "I will introduce a tax incentive to grow shipbroking and extend that for maritime financing activities. In addition, I will expand the scope of GST (goods and services tax) zero-rating for the marine industry," Tharman Shanmugaratnam, Singapore's Minister of Finance said in his 2010 budget speech. A new incentive for shipbrokers and forward freight agreement traders will be introduced from April this year offering such companies a 10% concessionary tax rate. The concession will last for five years and companies can apply to the Maritime & Port Authority of Singapore for the incentive. The Singapore government will also be exempting ship management fees from tax from 22 February this year to qualifying special purpose vehicles. Details will be released by the end of March. The expiry of the Maritime Finance Incentive will be extended from the end of February until March 2016. [22/02/10]

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