ShippingWatch

Lower Singapore tax lets Straits Tankers grow

Straits Tankers in Singapore has had its taxes lowered to 10 percent and has in return committed itself to hiring more local employees. The Asian shipping nation is presenting new initiatives to strengthen the cluster. 

Less than two years after Straits Tankers was established in Singapore, the Danish-Japanese pool managment company has been awarded the attractive MSC scheme, having its taxes lowered to ten percent in recognition of its business developments.

The maritime authorities in Singapore, the Maritime and Port Authority of Singapore, has an ongoing selection process in which companies that are deemed to possess growth potential are picked and rewarded with custom schemes, such as lower taxes or other benefits. In return, the shipping companies and other maritime businesses commit to staying in Singapore and, to a certain extent, to hiring local workers. In the case of Straits Tankers, its taxes were lowered from 17 to 10 percent under the current MSI.SSS scheme. Additionally, Straits is committing to taking on three or four local employees over the next five years.

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