The Singapore government has announced fresh tax incentives for the shipping sector as part of its policy to maintain the city-state as a major maritime and trading hub.
Under the changes announced by Transport Minister Yeo Chow Tong at the Singapore Maritime Foundation, owners of ships registered in Singapore and certain transport firms with regional headquarters in the city will receive tax breaks on foreign exchange and derivative gains.
Prior to this change, shipping firms were required to apply for these tax breaks on an individual basis.
The government is hopeful that the move will encourage shipping firms to undertake risk management activities in Singapore.
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