Please enter your email address to receive a password reminder.
Log into Tax-News+
Emphasizing Singapore's commitment to address greenhouse gas emissions, the Maritime and Port Authority of Singapore (MPA) has launched a comprehensive package to promote environmentally-friendly shipping.
Called the Maritime Singapore Green Initiative (MSGI), the package was announced by Raymond Lim, Minister for Transport and Second Minister for Foreign Affairs, at the Singapore International Maritime Awards 2011 on April 12.
Lim said that: "To encourage companies who are ready or thinking about undertaking environmentally-friendly shipping practices, the MPA will invest up to SGD100m (USD80m) over the next five years in the MSGI. This initiative underscores Singapore's commitment as a responsible flag, and port state to clean and green shipping."
The MSGI comprises three programmes – the 'Green Ship Programme', the 'Green Port Programme' and the 'Green Technology Programme'.
Under the Green Ship Programme targeted at Singapore-flagged ships, MPA will provide incentives to ship owners who adopt energy efficient ship designs that reduce fuel consumption and carbon dioxide emissions. Singapore-flagged ships which go beyond the requirements of the International Maritime Organization's Energy Efficiency Design Index will enjoy a 50% reduction of Initial Registration Fees (IRF) and a 20% rebate on Annual Tonnage Tax (ATT) payable.
The Green Port Programme is aimed at encouraging ocean-going ships calling at the Port of Singapore to reduce the emission of pollutants like sulphur oxides and nitrogen oxides. Ships that use type-approved abatement/scrubber technology or burn clean fuels with low sulphur content beyond the requirements of the International Convention for the Prevention of Pollution From Ships within the port can enjoy a 15% reduction on port dues payable.
The Green Technology Programme aims to encourage local maritime companies to develop and adopt green technologies through co-funding of up to half of qualifying costs. For a start, MPA will set aside an initial SGD25m from the Maritime Innovation and Technology Fund for this programme, with a further SGD25m available if response is good.
“Environmental challenges are some of the most critical challenges facing the maritime industry today,” said Lam Yi Young, MPA’s Chief Executive. “These challenges are multi-faceted and require joint efforts from governments and the industry. Through the MSGI, MPA will continue working in close partnership with the maritime community to address the environmental challenges facing shipping and port activities."
IMPORTANT NOTICE: Wolters Kluwer TAA Limited has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
All rights reserved. © 2017 Wolters Kluwer