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Revision in training fees and administrative cost recoverable from trainee officers
Applicable to:
Tonnage Tax Companies and Trainee Officers
Effective Date:
1st April, 2006 (except para 8, effective 1st October, 2005)
Superseded Circulars:
Tonnage Tax Circular 2 of 2005
Key Changes and Requirements
1. Revised Training Fees
Training fees for trainee officers have been revised to encourage companies to engage more trainees.
- Companies meeting minimum commitment: No change in fees as per existing T.T. Circular 2 of 2005.
- Companies doubling commitment: Pay 50% of prescribed fees including 50% of maximum fees.
- Companies tripling commitment: Pay 25% of prescribed fees including 25% of maximum fees.
2. Reduced Administrative Cost
Administrative cost reduced to 7.5% of total training fees, with 5% payable by tonnage tax company and 2.5% by trainee officer, effective 1st October, 2005.
Important Note
Penalty calculations will continue to be based on existing fees (10% administrative cost).
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