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Singapore government extends maritime incentives in 2015 budgetSingapore government extends maritime incentives in 2015 budget

The Singapore government extended a number of its maritime incentives in its 2015 budget announced on Monday.

Marcus Hand, Editor

February 24, 2015

1 Min Read
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In his 2015 budget speech Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said, “I will extend the Maritime Sector Incentive (MSI) which promotes the growth of Singapore as an International Maritime Centre.

Measures include that snder the MSI an automatic With Holding Tax exemption will extended to cover finance leases, hire-purchase and loans used to finance equity injections wholly-owned special purpose vehicles (SPV), or intercompany loans to SPVs for the construction of vessels, containers or equipment.

Definitions for qualifying companies for tax exemptions under the MSI schemes covering Singapore-flagged, foreign-flagged and support services will also be updated.

Existing companies that qualify for the MSI – Shipping Related Services Award can renew their award for another five years subject to qualifying conditions and commitments.

For those under the MSI – Maritime Leasing Scheme the 10% or 5% concessionary tax rate will now cover income from finance leases treated as a sale.

The enhancements took effect from 24 February and further details will be released by the Maritime & Port Authority of Singapore (MPA) in May.

About the Author

Marcus Hand

Editor

Marcus Hand is the editor of Seatrade Maritime News and a dedicated maritime journalist with over two decades of experience covering the shipping industry in Asia.

Marcus is also an experienced industry commentator and has chaired many conferences and round tables. Before joining Seatrade at the beginning of 2010, Marcus worked for the shipping industry journal Lloyd's List for a decade and before that the Singapore Business Times covering shipping and aviation.

In November 2022, Marcus was announced as a member of the Board of Advisors to the Singapore Journal of Maritime Talent and Technology (SJMTT) to help bring together thought leadership around the key areas of talent and technology.

Marcus is the founder of the Seatrade Maritime Podcast that delivers commentary, opinions and conversations on shipping's most important topics.

Conferences & Webinars

Marcus Hand regularly moderates at international maritime events. Below you’ll find a list of selected past conferences and webinars.

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