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Tuesday, September 07, 2004
Tax notes: Perks for building, repair of ships
SINCE shipping is necessary for the economic development of our country, the following incentives have been legislated to ensure the continued viability of, and encourage investments in, the domestic shipping industry (Republic Act No. 9295, May 3, 2004):
Here are the incentives for shipbuilding and ship repair:
1. Exemption from VAT on the importation of capital equipment, machinery, spare parts, life-saving and navigational equipment, steel plates and other metal plates, including marine-grade aluminum plates to be used in the construction, repair, renovation or alteration of any merchant marine vessel operated or to be operated in the domestic trade
2. Net operating loss carry-over for the next three consecutive taxable years immediately following the year of loss subject to the pertinent provisions of the Tax Code of 1997 as amended
3. Accelerated depreciation
(Source: Punongbayan & Araullo)
(September 7, 2004 issue)
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