(Marine Log)
Jim Flaherty, Canada’s Minister of Finance, has announced a waiver of Canada’s 25 percent import tariff on imports of all general cargo vessels and tankers, as well as ferries longer than 129 meters.
Remitting the 25-per-cent tariff is expected to save shipowners $25 million per year over the next decade.
“This duty relief will accelerate the renewal of the Canadian marine fleet across the country and will help replace aging vessels with cleaner, safer and more efficient ships,” said the Chuck Strahl, Minister of Transport, Infrastructure and Communities. “All the while, it will build on unprecedented investments our Government has made in Canada’s infrastructure and gateways by contributing to the upgrading of marine transportation links across the country.”
Under the Customs Tariff imported ships are subject to a tariff rate of 25 per cent, the highest rate of duty for industrial goods. Read more here.
