SHIPPING (INCENTIVES) ACT

ARRANGEMENT OF SECTIONS

   1   Short title

   2   Interpretation

   3   Date of commencement of operations

   4   Concession period

   5   Revocation of order

   6   Income tax concessions

   7   Dividends

   8   Customs duty concessions

   9   Provisions relating to imported articles and ships

   10   Restriction upon disposition of article and ship imported free of duty

   11   Compliance with requirement of law relating to income tax

   12   Records and returns

   13   Commissioner of Income Tax may issue certificate

   14   Procedure on transfer of shareholding

   15   Penalties

   16   Regulations

      SCHEDULE

 

THE SHIPPING (INCENTIVES) ACT

[Date of Commencement: 15th June, 1979]

Acts
13 of 1979,
12 of 1985.

LN 165/1999.

1   Short title

   This Act may be cited as the Shipping (Incentives) Act.

2   Interpretation

   In this Act-

   "annual allowances", "chargeable income", "initial allowances", "investment allowances" and "year of assessment" shall have the same meaning as in the Income Tax Act, and where pursuant to this Act any annual allowance is made, such allowance shall be made subject to and in accordance with the provisions of that Act;

   "approved shipping corporation" means-

   (a)   the Jamaica Merchant Marine Limited, a company registered under the Companies Act on the 16th day of October. 1975;

   (b)   the JMM Atlantic Line Limited, a company registered under the Companies Act on the 18th day of April, 1977; and

   (c)   any other company, being a company which is engaged in shipping activities and is wholly owned by the Government or in which the Government has a majority interest, and which on application made to the Minister is declared by him, by order published in the Gazette, to be an approved shipping corporation for the purposes of this Act;

   "company" means any company incorporated or registered under any law in force in the Island and any company which though incorporated or registered outside the Island, carries on business or has an office or place of business therein;

   "date of commencement of operations" means the date declared pursuant to section 3;

   "ship" includes a fleet of ships;

   "shipping activities" in relation to an approved shipping corporation means-

   (a)   the operating of ships for the carriage of passengers or cargo;

   (b)   the leasing of ships;

   (c)   shipbuilding, including reconstruction, alteration, refitting, equipping, maintenance or repairing of ships.

3   Date of commencement of operations

   (1) The date on which an approved shipping corporation commences or is deemed to commence operations and from which the concessions under sections 6 and 8 may be enjoyed shall, subject to subsection (2), be such date as the Minister may, by order, declare, being a date not earlier than the 25th day of May, 1976.

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