In 10 years, all operations of Dubai International Airport will be transferred to Al Maktoum International
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Following UAE's decision to exempt gold and precious metals from the value-added tax, the maritime industry could also get a relief as the Federal Transport Authority is negotiating VAT exemption with the Federal Tax Authority, confirmed a senior official on Monday.
Hessa Al Malek, executive director of maritime transport at UAE's Federal Transport Authority, said the meeting with the Federal Tax Authority will be held soon to discuss the issue.
"We've requested the Federal Tax Authority for a meeting so we expect to meet with VAT officials next month to discuss the issue and details of exemption of certain sectors," Al Malek said.
The UAE maritime industry has been seeking exemption from VAT in line with the global practice as many countries relieved the industry from the taxation.
"It is important to think about the regulations especially the VAT because many countries around the world have exempted the shipping industry from VAT and it is important. There is discussion with the government and we hope these will be taken positively. I guess we have to apply what applies anywhere else; and the principal is that the shipping industry is usually kept free from VAT," Khamis Juma Buamim, managing director and group CEO, Gulf Navigation Holding, told Khaleej Times in an interview earlier.
In May, UAE Cabinet announced exemption for the gold and precious metals trade from five per cent from VAT in order to revive the industry.
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