Dennis Uy shipping firm sees savings due to tax incentives | Inquirer Business

Dennis Uy shipping firm sees savings due to tax incentives

/ 05:10 AM March 26, 2022

After receiving tax perks from the government, Chelsea Logistics and Infrastructure Holdings Corp. sees its subsidiary Trans-Asia Shipping Lines Inc. saving some money in its operations, which can be helpful as the company grows its business.

Chryss Alfonsus Damuy, Chelsea Logistics president and CEO, said in a disclosure on Friday that the “tax incentive granted to us will help the business in reducing some of its cash operating costs while we focus on increasing revenues.”

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Earlier this month, the Fiscal Incentives Review Board granted the Davao-based Dennis Uy-led shipping line a four-year income tax holiday, followed by five-year enhanced deductions. It was also given an 11-year duty exemption from its date of registration on importation of capital equipment, raw materials, spare parts or accessories.

“We are certain that the temporary tax break periods will help the company generate more taxable revenue for the government over the long term by maintaining and growing our business during the tax holiday,” he added.

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Its roll-on/roll-off passenger shipping vessel, MV Trans-Asia 21, will ply the Cebu-Cagayan de Oro-Cebu route.

Delivered in May 2021, the Japan-built vessel is “positioned to stimulate trading and economic activities in the Visayas and Mindanao regions, especially as travel restrictions have been lifted.”

The 123-meter MV Trans-Asia 21 has a gross register tonnage, or the total space in a ship, of about 8,800 tons. It can ferry 1,051 passengers and transport 10- and 20-foot container vans, 20-foot plugged-in reefer vans, buses, 10-wheeler trucks and heavy equipment.

“We at Trans-Asia and the whole Chelsea Group join hands with the government in ensuring that Filipinos are provided with modern, safe, and environment-friendly quality vessels. We will continue to invest in maintaining the superior quality of facilities and amenities on board, so passengers and shippers can experience comfortable and safe sea travel,” Damuy said. —Tyrone Jasper C. Piad

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TAGS: Chelsea Logistics and Infrastructure Holdings Corp., Dennis Uy, Trans-Asia Shipping Lines Inc.
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