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South Africa To Introduce Shipping Tonnage Tax,
by Mary Swire, for LawAndTax-News.com, Hong Kong
Wednesday, July 23, 2008
The South African Treasury has announced this week that it is seeking to improve the country's trade and investment opportunities by introducing a tonnage tax regime.
If the move is approved, then instead of being taxed on income, shipping companies will be taxed at fixed rates on the basis of size and amount
of days of operation.
“This notional or presumptive corporate income tax system will align
South Africa’s shipping tax regime with the fiscal systems of other major
maritime nations,” the Treasury explained, going on to add:
“It is an elective system, taxing shipping companies at fixed rates according
to the size of their ships and days operated during an accounting period, and
not according to the company’s business income results.”
"The tonnage tax will also form an integral part of Government’s Maritime
Transport Agenda: 2010 which, inter alia, seeks to arrest the decline of the domestic
shipping register."
"By potentially bringing shipping companies’ key strategic
management decisions back to South Africa the scope of secondary support
activities will broaden. This includes a growth in crewing opportunities for South
African seafarers."
"It also has the potential of reducing the sizable transport service
payments to the rest of the world, which in turn would have a positive impact on the
current account," the Treasury concluded.
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