Panama Encourages Registration of New Vessels

The Maritime Authority has implemented an electronic system that streamlines the process of flag registration and automates the application of economic incentives for newly registered boats.

Tuesday, January 6, 2015

This new way of applying economic incentives for newly constructed ships simplifies the process and eliminates "... the submission of a formal discount via memorial (before flag registration), the manual calculation of the amounts payable by ship which was done by the Directorate and sets out equal application of these incentives. "

"... This innovation goes beyond the economy of time and effort, since users can benefit from this advance from anywhere in the world, including more than 60 proprietary Merchant Marine consulates.

"... Discounts and waivers can be up to 100%, as is pointed out by the Law No. 57 of August 6, 2008 General of Merchant Marine and Resolution No. 106-65 Additional Waivers-DGMM. "

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