India's maritime sector has sought tax breaks and changes in laws in the upcoming federal budget, besides faster disbursement of subsidies and implementation of port projects to help the industry.
The Indian National Shipowners' Association (INSA) has highlighted several issues such as taxes on profit from sale of vessels, on interest income from compulsory reserve, on input services and seafarer's income.
"These are the major issues that need to be addressed on a priority basis," S.S. Kulkarni, secretary general, INSA, said.
Over 80 percent of the world's shipping fleet operates from countries with no taxes, INSA said in a note to the federal government, highlighting its problems.
The local shipowners' body listed 12 taxes paid by them that foreign shipping firms are either exempted from or pay no taxes.
Indian shipping firms also need about $20 billion to replace and expand their ageing fleet. State-run Shipping Corp of India, Mercator Lines and Varun Shipping have announced expansion plans.
SHIPBUILDING, PORTS
Indian shipbuilders get a 30 percent subsidy on the total value of vessels to offset cost disadvantages they face from Korean and Chinese yards.
The Indian National Shipowners' Association (INSA) has highlighted several issues such as taxes on profit from sale of vessels, on interest income from compulsory reserve, on input services and seafarer's income.
"These are the major issues that need to be addressed on a priority basis," S.S. Kulkarni, secretary general, INSA, said.
Over 80 percent of the world's shipping fleet operates from countries with no taxes, INSA said in a note to the federal government, highlighting its problems.
The local shipowners' body listed 12 taxes paid by them that foreign shipping firms are either exempted from or pay no taxes.
Indian shipping firms also need about $20 billion to replace and expand their ageing fleet. State-run Shipping Corp of India, Mercator Lines and Varun Shipping have announced expansion plans.
SHIPBUILDING, PORTS
Indian shipbuilders get a 30 percent subsidy on the total value of vessels to offset cost disadvantages they face from Korean and Chinese yards.