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MPA issues circular on extension of withholding tax exemptions

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  • by Admin
The tax exemptions will be extended by five years following the republic’s recent Budget 2022 speech on Friday (18 February).
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The Maritime and Port Authority of Singapore (MPA) on Friday (18 February) issued Shipping Circular No. 2 of 2022 regarding the extension of withholding tax exemptions by five years. 

EXTENSION OF WITHHOLDING TAX EXEMPTIONS FOR MARITIME SECTOR INCENTIVE – SHIPPING ENTERPRISE (SINGAPORE REGISTRY OF SHIPS) (MSI-SRS)  

  1. To maintain a competitive business environment, we are pleased to inform that  the  following  broad-based  withholding  tax  (WHT)  exemptions  have  been extended by five years in the recent Budget 2022:
Type of payment Type of arrangement/agreement    Beneficiary          Extended till
Charter payments for ships    Finance lease MSI companies 31 Dec 2028
Container lease Finance lease MSI companies 31 Dec 2028
Operating lease All taxpayers 31 Dec 2027

 

  1. Please refer to the Annex for a summary of the scope and effective periods of the WHT exemptions.
  1. Any queries regarding this circular should be directed to the International Maritime Centre (IMC) Division (email: [email protected]).

Note: A link to the complete document including ANNEX can be found here.

    

Photo credit: Maritime and Port Authority of Singapore 
Published: 22 February, 2022

 

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