Sea Trade Asia
15th Feb 2008
Singapore: Maritime industry players ushering in the Year of the Rat at a Singapore Shipping Association (SSA) Lunar New Year cocktail, also cheered some financial measures the Singapore government announced earlier today.
Singapore's Minister for Finance, Mr Tharman Shanmugaratnam, delivering the Budget Statement for the Financial Year (FY) 2008 in parliament, said that in keeping with its aim to develop Singapore into an international maritime hub, there will be enhancements to the Maritime Finance Incentive Scheme with effect from 1 April 2008. These will include container leasing activity and to allow partnerships to enjoy the incentive. A container investment enterprise will enjoy a concessionary tax rate of either 5% or 10% on its entire onshore and offshore container leasing income, depending on its commitments. A container investment manager will enjoy a 10% concessionary tax rate on its management fee income.
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