28th Aug 2024 10:46
(Alliance News) - Avation PLC on Wednesday said that its main operating subsidiaries have been granted a further five-year tax incentive in Singapore under the Aircraft Leasing Scheme.
The commercial passenger aircraft leasing firm explained that its headquarters are in Singapore and the majority of the group's operations will benefit from this tax incentive.
The Aircraft Leasing Scheme provides for a concessionary 8.0% tax rate on income derived from aircraft and aircraft engine leasing and exemption from withholding tax on qualifying loans, it explained.
The incentive covers the period from April 17, 2024, to April 16, 2029.
Executive Chair Jeff Chatfield, said: "We are pleased to have successfully renewed our membership of Singapore's Aircraft Leasing Scheme which provides substantial benefits to the group."
Avation shares were down 3.0% at 129.00 pence on Wednesday morning in London.
By Sophie Rose, Alliance News senior reporter
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