The Object of the Bill is mainly to empower the Minister responsible for shipping to declare ships irrespective of net tonnage and of operations or trade in which engaged as exempted ships for the purpose of the payment of income tax, death and donation duties and duties on documents, and to exempt non-resident persons from income tax in respect of interest on loans and debts payable to them in respect of the purchase and operation of exempted ships.

The Bill also provides for the additional reference in the Merchant Shipping
Act to the Safety of Life at Sea Convention, 1974.