The Indian shipping industry has renewed requests for the existing corporate tax on the sector to be replaced by a tonnage tax, according to a report in Wednesday's Indian Economic Times.
A government committe headed by Finance Ministry adviser Rakesh Mohan was established as a result of sluggish growth in Indian shipping and previous representations from the industry, and 'has ostensibly suggested the introduction of [a] tonnage tax', according to the ET. However, the matter has not been pursued rigorously enough, leading to a lack of government action.
Speaking to the newspaper this week, founder member of the recently formed Confederation of Indian Maritime Industry and Associates (CIMIA), VM Gaitonde stressed the urgent need for the government to address the uncompetitive nature of the Indian shipping industry, given that a significant proportion of the world shipping fleet is registered under Flags of Convenience (FoC), with no tax liabilities at all.
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