From January 2015 companies that inspect and certify foreign ships under the Panamanian flag must be audited by the Maritime Authority so that the quality of services provided can be assessed.
From the resolution given by the Board of the Maritime Authority of Panama:
First article: order execution of an AUDIT PLAN for all auxiliary entities which are Recognized Organizations, Classification Societies and Recognized Security Organizations approved by the Republic of Panama, for the purpose of determining management, competition, means, capacity and quality of services, which will start from 2015, under the parameters of Resolution MSC.349 (92) adopted on July 21, 2013, Resolution No. 106-11-DGMM of March 16, 2009. ... And the international conventions ratified by the Republic of 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.
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 country with the largest ship registry in the world still does not have regulations for the law to homogenise maritime labor conditions.
A law passed in January 2006 does not have its respective regulations despite the fact that there are only six months left before it will come into effect.
Capital.com.pa reports that "the Panama Maritime Authority (AMP by its initials in Spanish) reported that there is already a document agreed between the parties and that it is up to the respective Executive for discussion and approval."
A recently passed tax reform in Greece joins the other threats to the registration of ships in Panama.
A tax reform recently passed by the Greek parliament could affect the registration of ships in Panama.
This tax reform will have consequences for the country’s ship owners who control about 16% of the world’s merchant fleet.
"The owners have agreed to pay taxes on tonnage of vessels flying foreign flags and the government has ensured that companies retain their tax-free status on future dividends", said G. Achilleas Miltsanidis, tax manager at Deloitte Business Solutions in Athens to ShippingWatch.
The registration of vessels carrying the Panamanian flag represents 22.3% of the worldwide maritime fleet, contributing $70 million to the state and another $200 million to the economy indirectly.
The Directorate General of Merchant Marine seeks to increase the international registration of ships carrying the Panamanian flag, attracting new customers or operators.
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