Japan has announced that it plans to introduce a five-year tonnage tax scheme on domestic ocean-going shipping companies from April 2009. The move will improve the shipping industry’s international competitiveness by reducing taxation on shipping companies.
The tonnage tax system is an incentive which is being offered to companies that agree to growth targets linked to employment and the number of domestically registered vessels.
The number of Japanese sailors in the shipping industry has apparently declined to below 3,000, whilst of 2,000 vessels operating from Japanese ports, less than 80 are Japanese-registered.
Ten shipping companies have currently signed up to the scheme, including the nation’s three biggest shipping firms - Nippon Yusen Kabushiki Kaisha, Mitsui OSK Lines and Kawasaki Kisen Kaisha.
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