Special Discounts

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Special Discounts

Discount to Vessels of New Construction

The following special fees shall be applied to vessels that, at the time of their registration in the Merchant Marine, meet the following conditions:
 

  1. Vessels of new construction, if the vessel has a gross tonnage less than 30,000 TRB, a thirty percent (30%) discount shall be granted in the registration fee, annual tax and annual consular tax applicable to the first year from its registration in the Merchant Marine; a discount of twenty percent (20%) in the annual tax and annual consular tax in the second year, and ten percent (10%) discount in the annual and consular tax of the third year.
  2. Vessels of new construction, if the vessel has a gross tonnage equal or greater than 30,000 TRB but less than 100,000 TRB, a forty percent (40%) discount shall be granted in the registration fee, annual tax and annual consular tax applicable to the first year from its registration in the Merchant Marine; a discount of twenty-five percent (25%) in the annual tax and annual consular tax in the second year, and fifteen percent (15%) discount in the annual tax and consular tax of the third year.
  3. Vessels of new construction, if the vessel has a gross tonnage equal or greater than 100,000 TRB, a fifty percent (50%) discount shall be granted in the registration fee, annual tax and annual consular tax applicable to the year of its registration in the Merchant Marine; a discount of thirty five percent (35%) in the annual tax and annual consular tax in the second year, and twenty percent (20%) discount in the annual and consular tax of the third year.
  4. Vessels registered in the National Merchant Marine, independently of its tonnage, type or year of construction, that prove that have not been detained by an inspection from the Governing Port State in a period of twenty-four months, a fifteen percent (15%) discount shall be granted in the annual tax and annual consular tax applicable to the following year, whenever such vessels are not entitled to any other superior discount under the present Law.

Discount in Vessels registered in the 5 years following after the date on which its keel was laid

Being vessels registered in the Merchant Marine within five years following to the date in which its keel was put:
 

  1. If the vessel has a gross tonnage of less than 30,000TRB, a twenty percent (20%) discount in the registration fee, annual tax and annual consular tax applicable to the year from its recording in the Merchant Marine shall be granted; a discount of ten percent (10%) in the annual tax and annual consular tax in the second year, and a five percent (5%) discount in the annual tax and consular tax of the third year.
  2. If the vessel has a gross tonnage equal or greater than 30,000 TRB but less than 100,000 TRB, a thirty percent (30%) discount shall be granted in the registration fee, annual tax and annual consular tax applicable from its registration in the Merchant Marine; a discount of fifteen percent (15%) in the annual tax and annual consular tax in the second year, and ten percent (10%) discount in the annual tax and consular tax of the third year.
  3. Vessels registered in the Merchant Marine within five years following after the date on which the keel was laid, if the vessel has a gross tonnage equal or greater than 100,000 TRB, a forty percent (40%) discount shall be granted in the registration fee, annual tax and annual consular tax applicable to the year from its recording in the Merchant Marine; a discount of twenty-five percent (25%) in the annual tax and annual consular tax in the second year, and fifteen percent (15%) discount in the annual tax and consular tax of the third year.

MODUS that prove registration and request their registration within the first 2 years of the enactment of the Law

All those MODUS that prove registration in the Merchant Marine and are requesting again their registration within the first two years of the enactment of this Act, shall pay a Unique Registry Tax of two thousand five hundred Balboas (B/.2,500.00) and shall be exempt of any fiscal contribution for two years, with exception of the annual inspection fee.

Vessels registered, independently of their tonnage, type or year of construction, that prove not having been detained by an Inspection of a Governing State of Port in a period of 24 months
 

  1. Vessels registered in the National Merchant Marine, independently of its tonnage, type or year of construction, that prove not being detained by an inspection of a Governing State of Port in a period of twenty-four months, a fifteen percent (15%) discount shall be granted in the annual tax and annual consular tax applicable the following year, whenever such vessels are not entitled to any other superior discount under the present Law. Vessels of economic groups that, at the date of enactment of the present Law, maintain records in the Merchant Marine from five to fifteen vessels, the new vessels register in the Merchant Marine shall enjoy a discount of twenty percent (20%) in the registration fees, annual tax and annual consular tax from its year of recording, whenever such vessels are not entitled to any other superior discount under the present Law.
  2. Vessels of economic groups that, at the date of enactment of the present Law, maintain records in the Merchant Marine from sixteen to fifty vessels, the new vessels register in the Merchant Marine shall enjoy a discount of thirty five percent (35%) in the registration fees, annual tax and annual consular tax from its year of recording, whenever such vessels are not entitled to any other superior discount under the present Law.
  3. Vessels of economic groups that, at the date of enactment of the present Law, maintain records in the Merchant Marine of more than fifty one vessels, the new vessels register in the Merchant Marine shall enjoy a discount of sixty percent (60%) in the registration fees, annual tax and annual consular tax from its year of recording, whenever such vessels are not entitled to any other superior discount under the present Law.

Transfer of Economic groups

Being groups of three or more vessels of the same economic group that simultaneously want to be registered in the Merchant Marine or in a period not exceeding the end of the calendar year from the date of registration that the first of them applies:
 

  1. Each one of the vessels shall enjoy a discount of twenty-five percent (25%) in the registration fee, annual tax and annual consular tax from its year of recording, if its gross tonnage is less than 30,000 TBR, whenever such vessels are not entitled to any other superior discount under the present Law.
  2. Each one of the vessels shall enjoy a discount of forty percent (40%) in the registration fee, annual tax and annual consular rate from its year of recording, if its gross tonnage is equal or greater than 30,000 TRB but less than 100,000 TRB, whenever such vessels are not entitled to any other superior discount under the present Law.
  3. Each one of the vessels shall enjoy a discount of sixty percent (60%) in the registration fees, annual tax and annual consular tax from its year of recording, if its gross tonnage is equal or greater than 100,000 TRB, whenever such vessels are not entitled to any other superior discount under the present Law.

Other incentives:
 

  • The payment without surcharges or interests, in special periods, of the taxes, annual taxes and other obligations, of the vessels that belong to the same vessel builder or economic group when these are more than 15 or that represent a tonnage greater than 150,000 TRB is allowed.
  • he payment arrangements of bad debts that are kept with the National Treasure are allowed; the vessels registered in the Panamanian registry, whenever the granted period does not exceed 1 year from the date of signature of the payment arrangement.

FOR MORE INFORMATION, please contact maritime@chenleeyasociados.com or call us at (507) 360-5533.