The
Panama Maritime Authority (PMA) approved various incentives for the
optimization and maintenance of the Panama Merchant Marine fleet such as
special discounts in connection to registration fees, annual taxes and
consular fees to those vessels to be kept under Panama flag and to be
enrolled under Panama Registry. The purpose of this measures are to
encourage and promote the growth of the Panama Merchant Marine fleet, to
attract new tonnage, to reduce the average age of vessels registered
and to secure the competitiveness of the Panama Registry.
These
measures were taken after long discussions and consultations with
international users of the Panama Registry and as consequence of the
world financial crisis that is affecting shipping and maritime industry
as well.
Among the special discounts offered by PMA are the following:
- NEW CONSTRUCTIONS
| Gross Tonnage | Discount Registration Fees | Discount Annual Tax | Discount Annual Consular Fees | Time of Discount |
| Less than 30,000 TRB | 50 % | 30 % | 50 % | 3 first years |
| Equal or more tan 30,000 TRB, but less than 100,000 TRB | 50 % | 40 % | 50 % | 3 first years |
| Equal or more than 100,000 TRB | 50 % | 50 % | 50 % | 3 first years |
In
order to request the above mentioned discounts, the shipowner,
operator, or anyone who has an acquisition possibility over a new
construction may submit the petition for discount to PMA through
resident agent, before or simultaneously to the enrollment petition of
the new construction. The petition of discount has to be submitted with
copy of the Power of Attorney, duly notarized and legalized, and copy
of the Builder’s Certificate or document issued by shipyard certifying
details of new constructions.
This kind of discount offered by PMA
could not be transferred to other new construction different from the
one established in the petition and resolution of discount.
- VESSELS TO BE ENROLLED AND ARE WITHIN 5 YEARS FROM THE KEEL LAID DATE
| Gross Tonnage | Discount Registration Fees | Discount Annual Tax | Discount Annual Consular Fees | Time of Discount |
| Less than 30,000 TRB | 30 % | 15 % | 15 % | 3 first years |
| Equal or more tan 30,000 TRB, but less than 100,000 TRB | 50 % | 20 % | 20 % | 3 first years |
| Equal or more than 100,000 TRB | 50 % | 25 % | 25 % | 3 first years |
In
order to request the above mentioned discounts, the shipowner or
operator may submit the petition for discount to PMA through resident
agent, before or simultaneously to the enrollment petition. The
petition of discount has to be submitted with copy of the Power of
Attorney, duly notarized and legalized, and copy of the International
Tonnage Certificate (ITC) endorsed by Segumar or any other document
acceptable as evidence of the date keel was laid.
This kind of
discount offered by PMA could not be transferred to other new
construction different from the one established in the petition and
resolution of discount.
- MOBILE OFFSHORE DRILLING UNITS (MODUs)
Those
MODUs that show to be registered previously under Panama flag and want
to return and request again its registration will pay a sole registration fee of US$2,500.00 and will be tax-exempted in 2 years, except for the annual inspection fees that must be paid.
In
order to request the above mentioned discounts, the shipowner, operator
or anyone who has an acquisition possibility of buying a MODU may
submit the petition for discount to PMA through resident agent, before
or simultaneously to the enrollment petition. The petition of discount
has to be submitted with copy of the Power of Attorney, duly notarized
and legalized, copy of the MODU Certificate issued by a Recognized
Organization (RO) and a document evidencing that the MODU was previously
registered under Panama flag.
This kind of discount offered by
PMA could not be transferred to other MODU different from the one
established in the petition and resolution of discount.
- VESSELS WITHOUT DETENTIONS BY PORT STATE CONTROL (PSC)
Those
vessels that show not being detained in a Port State Control Inspection
within 24 consecutive months may request a discount of 15 % in annual taxes and annual consular fees
applicable to next year. This discount will be granted to any vessel
that may comply with the no detention requirement regardless of her
tonnage, type or service, year of construction and if she is not subject
to a higher discount from other reason.
This discount will not be granted to those vessels that due to their nature or Service are not allowed to sail between ports.
In
order to request the above mentioned discounts, the shipowner or
operator may submit the petition for discount to PMA through resident
agent, before December 31st of the year immediately before to
the year to which the discount is requested. The petition of discount
has to be submitted with copy with copy of the Power of Attorney, duly
notarized and legalized, and document evidencing that within the
previous consecutive 24 months from the date of petition the vessel has
not been detained by a Port State Control Inspection.
This kind of
discount can be requested by any vessel as many times as she complies
with the requirement of the condition of no Port State Control
detentions within 24 consecutives months.
This kind of discount
offered by PMA could not be transferred to other vessel different from
the one established in the petition and resolution of discount.
- VESSELS OF SAME FLEET AND ECONOMIC GROUP TO BE ENROLLED (INDIVIDUALLY)
| Number of vessels of same fleet or economic group | Discount Registration Fees | Discount Annual Taxes | Discount Annual Consular Fees | Time of Discount |
| 5 to 15 vessels | 20 % | 20 % | 20 % | During the enrollment year |
| 16 to 50 vessels | 35 % | 35 % | 35 % | During the enrollment year |
| more tan 51 vessels | 60 % | 60 % | 60 % | During the enrollment year |
In
order to request the above mentioned discounts, the shipowner,
operator, or anyone who has an acquisition possibility over the vessel,
or an authorized representative of the economic group of the fleet
registered under Panama flag, may submit the petition for discount to
PMA through resident agent, before or simultaneously to the enrollment
petition of the vessel.
The petition of discount has to be
submitted with copy of the Power of Attorney, duly notarized and
legalized, and copy of a legalized affidavit from an authorized
representative of the economic group indicating the number and generals
of the vessels currently under Panama flag, and the generals and data of
the vessel to be enrolled.
The figure of “economic group” is
considered when the owners of the vessels of the fleet and the vessel to
be enrolled are subsidiaries of same company or are affiliated between
them for being commonly owned, direct or indirectly owned by a third
party or for being subject to its administrative control.
It is important for all vessels of the economic group fleet to be up to date with their taxes and obligations before PMA.
This
kind of discount offered by PMA could not be transferred to other
vessel different from the one established in the petition and resolution
of discount.
- VESSELS OF SAME FLEET AND ECONOMIC GROUP TO BE ENROLLED (SIMULTANEOUSLY OR DURING SAME YEAR)
| Number of vessels of same fleet or economic group | Gross Tonnage | Discount Registration Fees | Discount Annual Taxes | Discount Annual Consular Fees | Time of Discount |
| 3 or more vessels | Less than 30,000 TRB | 25 % | 25 % | 25 % | During the enrollment year |
| 3 or more vessels | Equal or more tan 30,000 TRB, but less than 100,000 TRB | 40 % | 40 % | 40 % | During the enrollment year |
| 3 or more vessels | Equal or more than 100,000 TRB | 60 % | 60 % | 60 % | During the enrollment year |
In
order to request the above mentioned discount, the shipowner, operator,
anyone who has an acquisition possibility over the vessel, or an
authorized representative of the economic group of the fleet registered
under Panama flag, may submit the petition for discount to PMA through
resident agent, before or simultaneously to the enrollment petition of
the first vessel of the group.
The petition of discount of this
first vessel has to be submitted with copy of the Power of Attorney,
duly notarized and legalized, and copy of a legalized affidavit from an
authorized representative of the economic group, indicating the number
and generals of vessels to be registered under Panama flag
simultaneously or within a period no later than December 31st of the year of registration of the first vessel.
The
discounts granted to vessels of an economic group that are enrolled
simultaneously and are detailed in a resolution already issued, can be
replaced by other vessels only if the total amount of the vessels of the
economic group are enrolled not later than December 31st of the year of enrollment of the first vessel of the economic group.
The
figure of “economic group” is considered when the owners of the
vessels of the fleet and the vessel to be enrolled are subsidiaries of
same company or are affiliated between them for being commonly owned,
direct or indirectly owned by a third party or for being subject to its
administrative control.
It is important for all vessels of the economic group fleet to be up to date with their taxes and obligations before PMA.
This
kind of discount offered by PMA could not be transferred to other
vessel different from the one established in the petition and resolution
of discount.
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