Singapore’s Transport Minister Yeo Cheow Tong has announced that proceeds from the sale of ships by firms on the country’s shipping registry will be tax-exempt from next year.
In a speech to the International Maritime Awards 2004, the Minister announced that this exemption will be in place for the next five years and will allow firms to sell vessels and book the sales in Singapore “without worrying whether they will be taxed for such gains.”
“This will help them to better plan and manage their fleet,” he noted.
Under Singapore’s Approved International Shipping Enterprise (AIS) regime, introduced in 1991, approved companies are also provided with a tax exemption on qualifying income.
“The AIS scheme has served Singapore well,” observed Mr Yeow.
“However, the changing market conditions and business needs of shipping companies mean that we must continually adapt our policies and enhance our initiatives to ensure that we remain an attractive maritime hub,” he added.
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