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Today’s Top Headlines




Gibraltar Launches Tax Breaks For Eco-Friendly Vessels

by Amanda Banks, Tax-News.com, London

29 March 2013

The Port of Gibraltar announced its participation in the Green Award Scheme at an official ceremony on March 27, 2013. Under the initiative, the Port will award sustainable ships that have been certified by Green Award with a 5% reduction in tonnage tax dues from April 1, 2013.

Speaking at the ceremony, Green Award’s managing director Jan Fransen said: “The Port of Gibraltar’s view fits very well with the Green Award’s philosophy. When such a major bunker port as Gibraltar practices its Corporate Social Responsibility through participating in the Green Award scheme, it does make a difference and motivates safe and environmentally-conscious shipping.”

The Port of Gibraltar is the second port this year to begin offering new incentives to seagoing vessels holding the Green Award certificate.

Gibraltar's Minister for Tourism, Commercial Affairs, Public Transport & the Port, Neil Costa stated: "This award is an important landmark and demonstrates the Government of Gibraltar's commitment to the protection of the environment and to the improvement in the quality of shipping visiting the Port, both of which are interconnected." With the port of Gibraltar being a major bunker port and the gateway to the Mediterranean, the port’s decision to grant incentives to ships with the highest safety standards will motivate more ships owners to invest in improvements on board, he said.

Green Award is a global, independent, not-for-profit quality-assurance organization that works by certifying ship managers and vessels that go beyond industry standards in terms of safety, quality and environmental performance. The Green Award certification scheme is open to oil and chemical tankers, bulk carriers, liquefied natural gas carrying vessels and inland navigation barges. Currently there are 225 sea-going ships and 440 inland barges certified. With the addition of Gibraltar, nineteen maritime service providers and banks and 31 ports now provide incentives to ships with a Green Award certificate.

Gibraltar's Annual Tonnage Tax (ATT) is due before January 1st each year in respect of every ship registered under the Gibraltar Administration, other than a ship of less than 24 meters registered length or under 150 gross registered tons, which is plying in the Port of Gibraltar and licensed by the port authority under the Port Act.

Rates range between:

  • GBP600 plus GBP0.07 per Gross Registered Ton (GRT), for vessels of up to and including 50,000 gross tons;
  • GBP600 plus GBP0.07 per GRT up to and including 50,000 GRT, plus GBP0.04 per GRT in excess of 50,000 GRT, for vessels up to 100,000 GRT;
  • For vessels of 100,001 tons or more, the tax is GBP6,000 plus GBP0.07 per GRT up to and including 50,000 GRT, GBP0.04 between 50,001 GRT and 100,000 GRT, and GBP0.02 per GRT in excess of 100,000 GRT, subject to a maximum annual tonnage tax payable in the sum of GBP9,000.
TAGS: environment | tonnage tax | tax | marine | Gibraltar | standards

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