Ocean going vessels staying less ten days in the Port of Singapore will get a 5% port dues concession, reduced from the 10% introduced in April last year while the 20% concession for harbour craft engaged in commercial activities will be reduced by 10% from the previous 20%.
Introduced to help the shipping industry through the economic downturn, the concession will run for another six months from October 1, 2010 to March31, 2011.
The shipping industry has seen a gradual recovery along with the rest of the economy since the turn of the year. Against that backdrop, MPA is extending the concessions at a reduced level as part of their phasing out under the Government’s Economic Resilience Package. This phased approach will allow the industry to make gradual adjustments.
You need a free subscription to read the entire article.
Subscribe
Subscribe for FREE and gain access to all our content.
More than 5000+ articles.
