Singapore has extended withholding tax exemption on lease agreements under the country’s incentives for the maritime sector.

Five-year extensions were granted for three categories of withholding tax in Singapore’s budget on announcement on Friday.

For companies under the Maritime Sector Incentive – Shipping Enterprise (Singapore Registry of Ships) withholding tax exemptions charter payments of ships under finance leases, and container leasing under finance leases have been extended to 31 December 2028.

While a withholding tax exemption for container leasing under operating leases has been extended for all taxpayers until 31 December 2027.

Source: Seatrade Maritime News