Gibraltar Enhances Tonnage Tax Breaks
by Jason Gorringe, Lowtax.net, London
11 July, 2014
Gibraltar has introduced new port regulations that include a 75 percent reduction in tonnage dues for vessels calling at Eastern Anchorage for the purpose of obtaining provisions, stores, spares, and for crew changes.
The measure is intended to make the Eastern maritime zone more attractive, both as a waiting area for vessels calling at Gibraltar for bunker fuel and for vessels wishing to avail themselves of other maritime services.
Neil Costa, Minister for Tourism, Commercial Affairs, Public Transport and the Port, said: "The Gibraltar Government is fully aware of the importance of the Port of Gibraltar in the overall performance of our economy. With this in mind, we are always looking at ways of improving the service we give to clients. It is my firm view that this new reduction in port fees will add to the attraction of our port and the wide range of professional services that we already deliver as the leading port in the Mediterranean."
The move is part of a range of tax-cutting measures announced in the recent fiscal budget, which also included a 75 percent reduction in tonnage dues for vessels taking on bunker fuel at Western Anchorage.
The tax break became effective on July 3, 2014.
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