Norwegian Shipowners Seek Tax Breaks

Wednesday, June 01, 2005
NORWEGIAN shipowners are increasingly looking to move their business to Singapore, according to international maritime law firm Wikborg Rein. "Recent years have seen a growing number of Norwegian owners show an interest in moving their business to Singapore due to the stable political environment and strong economic links with China, India and the ASEAN countries," says Are Zachariassen, partner at Wikborg Rein. "Add to this a number of mechanisms which, when combined, may enable Norwegian shipping investors in Singapore to receive tax-free profits from shipping and it's not hard to see why Singapore has become so favourable." Following recently proposed changes to the Norwegian tonnage tax system, this trend is expected to continue. Under the proposals, vessels involved in the petrochemical industry will no longer qualify for the Norwegian tonnage tax scheme. Meanwhile, in Singapore, new regulations recently introduced mean that vessels such as drillships, jack-ups and semi-submersible units are permitted to fly the Singapore flag for the first time. Singapore is already home to many leading shipping companies and service providers to the shipping industry. According to Stephen Fordham who heads up Wikborg Rein's office in Singapore, this only serves to make it even more attractive.
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Substantial Demand Underscores Need for TIGER Grants

U.S. Transportation Secretary Anthony Foxx has announced that applications to the U.S. Department of Transportation for its seventh round of Transportation Investment

Diana to Acquire Two Post-Panamax Containerships

Diana Containerships Inc. announced that yesterday it signed, through two separate wholly-owned subsidiaries, two Memoranda of Agreement to purchase from an unaffiliated

Intelsat Records $598 mln Q2 Revenue

Satellite services provider Intelsat S.A. has reported total revenue of $598.1 million and net income attributable to Intelsat S.A. of $60.2 million, or $0.47 per common share on a diluted basis,

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2125 sec (5 req/sec)