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B. Tonnage Tax and Consular Tax I. Law No. 14 of 1982 incorporates all the previous annual duties ("Tonnage Tax") for registered vessels for "international trade and services". This Law was amended with Law-Decree No. 17 of October 1989 and with Law No. 19 of 1992, which lowered the Tonnage Tax for registration, for a group of owners under one Operator, granting, for the first time, fleet rebate in this cases. II. Law No. 36 of 1995 and its amendment, confirmed that SHIP BUREAU has authority to grant, Tax discount for registration of a fleet of "second purchase", with minimum of three (3) vessels. The discount will be granted one time only, starting when the last of the third Vessel has been recorded. The condition precedent is to proof ownership of a minimum of all three (3) vessels or if various Corporations are record owners, one management with no less than 30,000 gross tons, needed to be evidenced to the authorities. III. Law No. 25 of 2002 authorized the SHIP BUREAU to grant Tax discount for registration of a fleet of "new construction" with a minimum of four (4) vessels or evidence of new orders of construction. The discount will last four (4) years, for each vessel, starting when the last fourth Vessels is register in Panama. The condition precedent is to proof ownership of a minimum of four (4) vessels or if various Corporation are record owners, one management with no less than 100,000 gross tons, need to be evidenced to the authorities. IV. The Tonnage Tax are established in accordance to the type of vessel and includes various sub classifications which are herewith enunciated. All Panamanian registered vessels, must pay in advance and before the beginning of each calendar year and payment may be paid directly in Panama to SHIP BUREAU through the Resident Agent or at any authorized Panamanian Consular office. Furthermore, the fixed annual taxes and duties mentioned in Law No. 14 are classified as: a) Annual Tax. b) Annual Consular Tax. c) Annual Inspection Fee. d) Annual Fee for Participation on the International Conferences and Treaties.
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