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  • Photo: Daily archive

25.02.2015

Artikel Nummer: 9294

Singapore extends maritime incentives


Singapore's deputy prime minister and finance minister Tharman Shanmugaratnam revealed in his 2015 budget speech that the government will extend a number of its maritime incentives in this year's budget, which was announced on 23 February.

 

The maritime sector incentive (MSI) is set to promote the growth of Singapore as an international maritime centre. Measures include, for example, an automatic withholding tax exemption regime which now cover finance leases, hire-purchase arrangements, and loans used to finance equity injection into wholly-owned special purpose vehicles (SPVs), or intercompany loans to wholly-owned SPVs for the SPVs’ purchase/construction of vessels, containers and intermodal equipment.

 

Furthermore, the MSI-SRS and MSI-AIS award now covers mobilisation fees, demobilisation fees, holding fees, and incidental container rental income that are derived in the course of qualifying shipping operations.

More details can be found at:

www.iras.gov.sg/irashome/page.aspx?id=16111