Domestic shipping businesses are seeking the government’s help to support the projected rebound of the maritime industry from the pandemic through tax incentives and accessible funding. READ:
Mr. Morales also said that by establishing an SEZ, the government can help in easing the process of getting imported raw materials and help the local shipbuilders avoid importation taxes.less costly . They can just provide us incentives so that our tax duties will be lessened,” he said.
In terms of getting funding, Ms. Lopez said that the company had asked various banks and lending institutions in helping startup shipbuilders. “We talked with several banks to help them to be one of the allies of the [domestic shipping owners].Mr. Morales said that the government should immediately implement the 2022 Strategic Investment Priority Plan which will put shipbuilding on the list of investment priorities under the Corporate Recovery and Tax Incentives for Enterprises Act or the CREATE law.
Investment priorities under the CREATE law can have incentives such as income tax holidays, special corporate income tax, enhanced deductions, duty exemptions, and value-added tax exemptions. “I have a good outlook for the domestic maritime industry. This is the best time to invest and enter the SBSR industry because of the supply and demand,” Mr. Morales said.Marami ngayong pila ng mga barko na naghihintay ng berth para maka
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