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Singapore Cuts Port Fees

by Mary Swire, Tax-News.com, Hong Kong

05 October 2012


Speaking at the Singapore Shipping Association’s 27th Anniversary Gala Dinner, the Minister for Transport, Lui Tuck Yew, announced an exemption to Maritime Welfare Fees (MWFs) for visiting vessels, as the Maritime and Port Authority of Singapore (MPA) continues its efforts to develop Singapore as an international maritime centre.

It was pointed out that the MPA continues to work closely with its industry partners to maintain Singapore’s competitive edge. In response to industry feedback, MPA will exempt vessels with a port stay of not more than five days from the payment of MWFs.

Dependent on a vessel’s tonnage, MWFs currently range from SGD25 (USD20.33) to SGD175 per stay, and, through the new exemption, vessels visiting the Port of Singapore will thereby be able to reduce their overall operating costs.

As part the MPA’s on-going efforts to provide a pro-business environment for maritime businesses and establishments in Singapore, the initiative will take effect on October 1, 2012 for a period of five years. It is expected to cost the MPA an estimated SGD7m a year.

MWFs are collected to provide welfare activities, training and subsidy for housing of seafarers from visiting vessels. Even with the exemption, MPA will continue to provide a range of welfare facilities and activities for visiting seamen.

In addition, to encourage more maritime companies to train and develop the capabilities of their local employees, the MPA will be raising its co-funding support for its three manpower schemes. Co-funding support for the schemes will be increased from the current 50% to 70% and will also take effect from October 2012, for a period of three years.

TAGS: tax | business | marine | training | employees | Singapore | fees

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