Incentives for Vessel Registration in Panama

Discounts of up to 35% on the registration fee and the annual consular fee will be granted to the ships registered under the Panamanian flag.

Tuesday, August 26, 2014

Through a resolution published in the Official Newspaper La Gaceta, the Directorate General of Merchant Marine Services has been authorized to grant discounts, additional to those contained in the legislation, to those who register ships under the Panamanian flag.

The measure aims to reduce the costs of flag tax at a time when the the global maritime industry is facing difficulties.

No.106-56 DGMM resolution states:

RESOLVED:

"... FIRST: TO GRANT, additional to the discounts referred to in Law No. 57 of August 6, 2008, a thirty-five percent (35%) discount on the registration fee and the annual consular fee for the term of one year to those newly built vessels that register under the Panamanian Merchant Marine in 2015 as established in Article 8 of Law 57 of 6 August 2008 "

"... SECOND: GRANT a waiver of twenty five percent (25%) additional the discounts of Law No. 57 of August 6, 2008 in the registration fee and the annual consular fee for the term of one year to all ships enrolling in the Panamanian Merchant Marine in 2015, provided that the ships have a gross tonnage of 10,000 GRT and are less than 15 years old, to be counted from the time it was laid down as established by Article 8 of Law No. S7 6 August 2008."

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