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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Dubai Shipping Volumes Sink

Dubai shipping volumes - cargo handled at Dubai's ports, which includes flagship terminal Jebel Ali - fall for third quarter Gulf News reports quoting the latest DP World figures.

No Clues on Hanjin's Financial Health

Cash-strapped Hanjin Shipping Co. sources say that the negotiations with tonnage providers for lower rates are undergoing, but wouldn't say much else.   According to Korea Herald, the country's No.

China Joins UN Trucking Treaty

China has taken a major step towards establishing a speedy new "Silk Road" to Europe by signing up to a U.N. trucking treaty.   Fifteen years after joining the World Trade Organization (WTO),

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pipelines Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.0703 sec (14 req/sec)