The UAE has climbed to sixth place in 2017 from seventh in 2015 on the list of the future leading maritime capitals.
The UAE maritime industry is seeking exemption from the value-added tax as industry falters.
Maritime Executives in the United Arab Emirates are lobbying the government to reduce new value-added tax obligations, saying they threaten their slim profit margin and could cause companies to move elsewhere.
The industry leaders also stated that tax endangers industry struggling with narrow margins.
In a recent article in Bloomberg BNA, our Managing Partner, Jasamin Fichte highlighted some of the latest concerns and their possible solutions such as –
- What effect has the introduction of VAT had on the UAE maritime industry?
- Should the industry be exempted or zero-rated? If so, what services/supplies should that apply to?
- What is the likelihood that the UAE government would agree to exempt/zero-rate the industry?
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