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Singapore sets Tax Incentives for Green Shipping | FreightAmigo

Author Name: Emma Hau – Marketing Analyst at FreightAmigo | 26/4/2022

Singapore’s Maritime and Port Authority (MPA) will provide incentives on certain fees and taxes for Singapore-flagged ships committed to green shipping.  Ships that are cutting emissions beyond what is required by the International Maritime Organization (IMO) can enjoy green shipping tax incentives.

The green shipping tax incentives starts from May 1 until December 31, 2024. Vessels exceeding the requirements of IMO’s Marpol Annex VI Phase 3 Energy Efficiency Design Index (EEDI) targets by 10% or more will secure a 50% reduction on initial registration fees (IRF).  There will also be a 20% rebate on the annual tonnage taxes (ATT).  Already registered ships that comply will also get a 20% rebate on the ATT.

Meanwhile, green shipping tax incentives also cover fuel adoption.  Ships that use liquified natural gas (LNG) or fuels with a conversion factor lower than LNG as their primary fuel will get a 75% and 50% discount on the IRF and ATT, respectively.  This includes bio-LNG, bio-methanol and bio-ethanol.

Recently, Singapore is actively adopting various green logistics strategies in achieving green shipping ambition – zero emissions shipping by 2050.  Apart from green shipping tax incentives, green shipping routes establishment and clean energy adoption are other green shipping approaches adopted by Singapore.

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If you’re shipping to Singapore from HK, FreightAmigo’s courier quote comparison tool will provide you with quotes from multiple couriers, soget quotes now!

Read more:

Logistics News – Singapore to Sign Declaration on Green Shipping Corridors

Logistics News – Fifth of World’s Containerships Stuck in Port Congestion

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