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International Oil Pollution Compensation Fund Levy Set Down

July 21, 2020

National Treasury

The rate of levy and payment date for the 2018 tax period in terms of section 3 of the Merchant Shipping (International Oil Pollution Compensation Fund) Contributions Act of 2013 has been published in Government Gazette 43528.

The act ensured that registered ship owners pay levies as determined by the finance minister.

The levies contribute to the International Fund for Compensation for Oil Pollution Damage designed to help pay for damage arising from oil spills.

Ship owners must pay £0.0065861 as the rate of levy for the period from 1 January 2018 to 31 December 2018 in the 2018 tax period.

The levy will be converted into Rands in accordance with the exchange rate of 2 March 2020.

The levy is due and payable on 31 August 2020.