The Fiscal Incentives Review Board chaired by Finance Secretary Carlos Dominguez III approved the tax incentives for the operations of a P1.5-billion Cebu City-based shipping vessel specializing in roll-on roll-off passenger and cargo operations.
Dominguez identified the owner of the vessel as Trans Asia Shipping Lines Inc.
The grant includes four years of income tax holiday, five years of enhanced deductions and 11 years of duty exemption on importations.
The new shipping vessel sails the Cebu-Cagayan de Oro route on a reduced travel time with still comparable rate, setting itself apart in the market as a convenient, cost-friendly and competitive inter-island vessel in the country.
Dominguez said the tax incentive approval for the transportation player “aligns with the national government’s aim to modernize transportation and to increase competition in the shipping industry in the Philippines.”