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

Finance

Will Maersk Line acquire HMM

There are rumours among observers that the  market leader Maersk Line is planning to acquire South Korea’s shipping major Hyundai Merchant Marine (HMM).   Neither

VEB Guarantees $3 Bln of Yamal LNG Debt

Russian development bank VEB said on Friday it had provided a guarantee for $3 billion of debt to the Yamal liquefied natural gas (LNG) project, led by Russian gas firm Novatek.

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.0692 sec (14 req/sec)