Singapore tweaks laws to encourage more maritime finance activity

Singapore's government is continuing to try to lure maritime financial activity to the island nation.

On Friday, Singapore's Transport Minister Lim Hwee Hua outlined new enhancements in measures to boost Singapore's attractiveness as a hub for maritime businesses. The changes include:

Enhancing tax certainty on the treatment of gains from disposal of vessels.

Including forex and hedging gains as qualifying income under the Maritime and Port Authority of Singapore's Approved International Shipping Enterprise scheme, the Maritime Finance Incentive and the Singapore Registry of Ships.

Including container leasing activity under the MFI scheme.

Including partnerships as qualifying business entity under the MFI scheme.

Fine-tuning the regulatory framework for Marine Mutual Insurers.