How was the regulatory charge (fee) design and structure set?
We designed the regulatory charge (fee) and set the prices by looking at a number of things.
First, we estimated the total cost of the work that the vessel remediation fund would support. This included the cost of assessing and addressing about 2,000 known vessels of concern, and the cost of preventative activities such as education and outreach, and research activities into recycling and vessel design.
We also considered other factors, like what other countries charge for similar fees, other fees that vessel owners pay, and how the fee may impact the people and groups that would pay it.
When will TC start charging the regulatory charge (fee)?
The regulatory charge (fee), reflecting input from stakeholders, will not come into effect until 2023 at the earliest.