|
Friday, October 08, 2004
New law to boost shipping industry
THE shipping industry is expected to get a big boost after the signing of Republic Act 9295.
The newly signed Republic Act 9295 has empowered the development of domestic shipping, shipbuilding and ship repair through investment incentives, deregulation of the rates/operation, enhancement of safety standards, compulsory insurance coverage for passengers and cargoes, reasonable fines and penalties and other constructive measures for a strong and competitive domestic merchant feet.
Under the newly signed law, the Maritime Industry Development Authority (Marina) is empowered to impose, fix, collect and receive, in accordance with the schedules such fees necessary for the licensing, supervision, regulation, inspection and development of the country's maritime industry.
Lawyer Nanette Villamor-Dinopol, Marina regional director, revealed the importation of vessels would be restricted to develop the shipping and ship-repair industry.
Marina is mandated under the law to evaluate and determine the progressive capability of Marina-registered shipyards to build and construct new vessels for the domestic trade.
It will also determine the capability of Marina-registered shipyards to build new vessels below 500 GRT.
Vessels built and shipyards registered under Marina will be given priority for entry in the Philippine Registry and will be allowed to operate in the domestic trade.
Investment incentives will be provided for domestic shipping, which include exemptions from value-added tax on the importation and local purchase of cargo vessels of 150 tons and above, including engine and spare parts of said vessels.
To avail of this incentive, the vessels to be imported shall comply with the age limit requirement at the time of the acquisition.
Another incentive is the exemption from value-added tax on the importation of lifesaving equipment, safety and rescue, communication and navigation safety equipment and other metal plates used for transport operations.
The system of investment incentives shall be uniformity, applied also in shipbuilding and ship repair industry. (PIA)
(October 8, 2004 issue)
Write letter to the editor.Click here.
Join the Sun.Star message board.Click here. |
|
[return to top]
[home]
[network page]
|
LOCAL NEWS
BUSINESS
OPINION
SPORTS
LIFESTYLE
FEATURE
SUPERBALITA
WEEKEND
|
