Changes to UK tonnage Tax Unwelcome for Some
Shipping accountant Moore Stephens has warned that new EC requirements will lead to unwelcome changes to the UK tonnage tax regime from April 2008. Sue Bill, a tax partner with Moore Stephens, said, “The good news is that UK tonnage tax will remain as a stable and robust regime, as the changes will affect relatively few shipowners. Also, the UK government seems to be trying to ensure that the required amendments will be implemented as reasonably as possible. “But the changes will nevertheless be very disappointing for affected shipowners who have made a ten-year commitment to tonnage tax. · vessels providing transport in connection with services at sea such as cable laying, diving support, research vessels etc will no longer qualify for tonnage tax.
Memo to the New Staten Island Ferries: Welcome to New York
How long does it take to build a double-ended municipal ferryboat? Any boat with two bows should have two answers, if not more. If by "build a ferryboat" we mean from the moment we start laying the keel to the moment the boat hits the water, we could say a ferryboat takes eleven months to build. Or anyway, that's how long it took Marinette Marine, Inc., a division of Manitowoc Corporation, to build the first in "the new Kennedy class" - at 310-feet and 7.1 million pounds loaded, with a $40-million price tag, the largest vessel constructed by the yard. Altogether, there are three. "The second two were identical," said Marinette Marine's Duane Roehm, Vice-President, Program Management and Planning, "but during the construction of the first, there was a strike.
Hanjin President Summoned By Prosecutors
South Korean prosecutors summoned Cho Su-ho, a President of Hanjin Shipping Co., for questioning over alleged tax evasion by Hanjin Group affiliates, according to officials at the Supreme Public Prosecutor's Office. In October, the National Tax Administration (NTA) reportedly discovered that Hanjin affiliates and controlling family members had failed to register more than $845 million in taxable income. The tax office said it was seeking to collect approximately $450 million in additional tax, making this the largest tax penalty in South Korean history.
