Import Duty Concessions
Locally registered firms engaged in ship building and ship repair are allowed duty free treatment on their machinery, equipment and materials for use in the boat and ship building and repairs industry.
Value Added Tax Exemption
Repair services for ships involved in commercial maritime are exempt from VAT under the provisions of the Value Added Tax Act
Companies are allowed expenses reasonably incurred in the training and retraining of employees up to 150% of such expenditure under Section 10E of the Corporation Tax Act, Chapter 75:02.
Under the Corporate Tax Act, any company which promotes or sponsors yachting will be allowed an allowance equal to 150% of the actual expenditure incurred in respect of such promotion or sponsorship, up to a maximum of $450,000.