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Trans-Asia Shipping Lines Inc., a Cebu-based shipping firm operated by Dennis Uy-led Chelsea Logistics and Infrastructure Holdings Corp., has been granted tax incentives by the government, the Department of Finance (DOF) said Tuesday.
In a statement, the DOF said the inter-agency Fiscal Incentives Review Board (FIRB) approved tax incentives —four years of income tax holiday, five years of enhanced deductions, and 11 years of duty exemption on importations— for the shipping company’s operation of a proposed P1.5-billion shipping vessel that will sail the Cebu-Cagayan de Oro route.
The proposed shipping vessel will specialize in roll on roll off (RoRo) passenger and cargo operations.
Finance Secretary and FIRB chairman Carlos Dominguez III emphasized that the tax incentive approval for the transportation player “aligns with the national government’s aim to modernize transportation and to increase competition in the shipping industry in the Philippines,” according to the DOF.
Trade Secretary and FIRB co-chair Ramon Lopez also supported the approval as the project “will continue generating revenues for the government even after the incentive period which is a substantial economic benefit the FIRB considers in granting tax incentive applications.”
The Trade chief, according to the DOF, said that there are limited shipping lines serving the Cebu-CDO-Cebu route, thus, “the entry of a new player will contribute to enhancing the competitiveness of the region’s water transport with focus on passenger safety, welfare, and comfort.” — VBL, GMA News
FIRB grants tax incentives to Dennis Uy”s Cebu-based shipping firm
Source: News Panda Philippines
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