Shipping Industry Players Seek Additional Assistance Under Budget 2018

As the domestic shipping industry has yet to fully recover from the effects of the economic downturn from a decade ago, local players are seeking for additional assistance in the coming Budget 2018 to tackle current challenges.

Malaysia Shipowners’ Association (MASA) Chairman Datuk Ir Hak Md Amin said Malaysia was not spared from the effect of economic recession, just like the global shipping business which was still struggling.

“The world’s over-tonnage, scaling down of big projects especially in the upstream sector and countries protecting their industry by tightening their ‘Cabotage Policy’, have left many ships idle and companies in survival mode or went out of business or came under the Debt Protection Act,” Hak told Bernama.

Thus, during these troubled times, he said MASA would like to propose for zero-rated tax in services provided by locals, particularly in shipbuilding and ship repair (SBSR), spare parts for ships as well as other shipping services.

“Malaysia’s shipping (industry) is facing adverse challenges from neighbouring competition.