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CSCL boss calls for tonnage tax

CSCL boss calls for tonnage tax
CHINA Shipping Container Lines chairman Li Shaode has called on the government to reduce taxation on the country?s shipping companies in order to enhance the competitiveness of the shipping industry.

CSCL boss calls for tonnage tax.

CHINA Shipping Container Lines chairman Li Shaode has called on the government to reduce taxation on the country"s shipping companies in order to enhance the competitiveness of the shipping industry.

Mr Li said tax rates for China"s shipping lines were high compared with other major maritime countries such as Singapore and Japan.

He urged China"s tax bureau to adopt a tonnage tax regime instead of levying income taxes. He also called for shipping lines to be exempted from paying value-added taxes on vessel sales and disposals.

According to China"s State Administration of Taxation, shipping companies are subject to a tax rate of up to 33% on their total income. Shipping companies also have to pay a value-added tax if the amount a company received from the disposal of a ship exceeded the value of the ship.

A Shanghai International Shipping Institute analyst echoed Mr Li"s view, saying the implementation of a tonnage tax would enable China"s shipping companies to evaluate their tax expense more easily. This would also help China"s shipping sector to expand. The analyst said tonnage taxes were prevalent in other countries.

Mr Li also suggested the tax bureau should lower the income tax for China"s seafarers. He said tax officials could learn from the experience of other jurisdictions such as Singapore, Japan and Hong Kong, which had favourable tax rates.

www.turkishmaritime.com.tr

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