Liberia Registry makes key appointments in UK, Panama, US and Turkey

The Liberian Registry has announced strategic new appointments in a number of the key areas within the global network of offices operated by its US-based manager, the Liberian International Ship & Corporate Registry (LISCR).

Gerard Kenny has been appointed Technical Manager of the Liberian Registry’s London office, where he will primarily serve as a technical advisor to the Liberian delegations to the IMO. A former technical manager and class surveyor with Lloyd’s Register in London and DNV in Sydney, Gerard was most recently Chief Marine Surveyor with the Virgin Islands Shipping Registry.

Rafael Cigarruista has been appointed Manager of the Registry’s regional office in Panama which, in common with other flags, Liberia established to provide direct services to ships transiting the Panama Canal. Rafael is a former independent nautical engineer with extensive experience of class and statutory surveys.

Pinar Saglam has been appointed Corporate & Registrations Co-ordinator for the Liberian Registry’s office in Istanbul. Previously a Financial Planner with Furtrans Shipping Group, Pinar will be closely involved in daily operations and will also serve as a Special Agent for the Registry.

In the US, meanwhile, Josiah Toepfer has been appointed Manager, Vessel & Company Compliance in the Liberian Registry’s main headquarters office, located in Virginia. His role will be to ensure compliance with Port State Control regulations, and to minimise deficiencies and detentions. A former USCG PSC inspector, Josiah joins the Registry from Sparrow Marine, a shipping audit and consulting company which he founded.

Also in the US, Kevin Smith has been appointed Manager for Vessel Compliance in the Liberian Registry’s Houston office. Kevin, who was previously Regulatory Compliance Manager with Noble Drilling Services, will oversee the regulatory compliance of vessels and managers operating in the Gulf of Mexico.

LISCR CEO Scott Bergeron says, “As the Liberian Registry grows from strength to strength, it is essential for us to ensure that we are able to maintain our ability to provide a high level of service regardless of fleet size. The real assets of the Registry are its people. That is why we are committed to enlisting the services of skilfully qualified personnel, who can bring added value to the Registry’s clients, providing expertise and advice when and where it is needed.”


For photos of other LISCR appointees, please email chris@merlinco.com


The Liberian Registry has long been considered the world’s most technologically advanced maritime administration. It has a long-established track record of combining the highest standards of safety for vessels and crews with the highest levels of responsive service to owners. Moreover, it has a well-deserved reputation for supporting international legislation designed to maintain and improve the safety and effectiveness of the shipping industry and protection of the marine environment.

www.liscr.com

Moore Stephens welcomes change of heart on tonnage tax trap

International accountant and shipping adviser Moore Stephens has welcomed the UK government’s decision to minimise the effect of new rules in Finance Bill 2012 which resulted in a potentially serious trap for existing UK shipowners entering tonnage tax.

Finance Bill 2012 originally extended some anti-avoidance rules relating to leasing companies, so that they applied to existing UK shipowning companies chartering out ships which enter UK tonnage tax. But the rules have now been changed following representations made by Moore Stephens and by other shipping industry representatives.

Moore Stephens tax partner Sue Bill says, “The rules apply where, very broadly, at least half the value of the company’s plant and machinery is chartered out or at least half its income in the previous twelve months is from the chartering out of plant and machinery, including ships, even where the chartering is to another group company.

“As originally drafted, the proposed new rules could have applied where a UK shipowning company in a tonnage tax group entered tonnage tax because it started to carry on activities which qualified for tonnage tax, for example because it owned a vessel which ceased to be chartered out on a long-term bareboat charter, or a vessel that started to be used ‘at sea’, or because the company’s ships started to be strategically and commercially managed in the UK. The rules also applied in some circumstances where a company was acquired by a UK tonnage tax group.

“Broadly speaking, if the rules apply, the company will be taxed on an amount equal to the excess of the net book value of its assets over their tax written-down value. It may be possible to reduce this taxable income using tax losses and/or capital allowances. Clearly, this could result in a very large tax liability. Once the company has gone into tonnage tax, the normal transitional rules will apply whereby a balancing charge can arise if any vessels held on entry into tonnage tax are sold within seven years. This could mean there is effectively a double charge to tax.

“The rules have now been amended so that they apply only where there is a change in ownership of the company chartering out plant and machinery. They will still apply where a company leasing out plant and machinery becomes a member of a UK tonnage tax group, whether or not the company goes into tonnage tax at the same time. A company will become a member of a UK tonnage tax group if, broadly speaking, it comes under common control with companies in a UK tonnage tax group."

Although the effect of the new rules has been significantly reduced, care will need to be taken where a company comes under common control with companies in a UK tonnage tax group.

Sue Bill concludes, “It was unfortunate that the Finance Bill 2012 originally introduced legislation which posed a potentially serious threat for some UK shipowners going into tonnage tax. The government has however listened to representations and acted quickly to minimise the effect of the proposed new rules. This seems to be a sign of the UK government’s commitment to ensuring as far as possible the stability of the UK tonnage tax regime.”

Moore Stephens LLP is noted for a number of industry specialisations and is widely acknowledged as a leading shipping and insurance adviser. Moore Stephens LLP is a member firm of Moore Stephens International Limited, one of the world's leading accounting and consulting associations, with 636 offices of independent member firms in 100 countries, employing 21,197 people and generating revenues in 2011 of $2.3 billion. www.moorestephens.co.uk

For more information:
Sue Bill, Moore Stephens LLP
Tel: +44 (0)20 7334 9191
email: sue.bill@moorestephens.com