No taxes payable by GMR on Male airport contract compensation, says Maldives

The company has confirmed the development and welcomed the decision of the Maldivian government.

In breather to GMR Group, the Maldivian government has decided not to press for income tax and fines of over USD 20 million from the infra major on the compensation it received from the island nation for the premature termination of Male International Airport contract.
In a statement issued on May 23, the Maldivian Attorney General's Office has said no sum will be imposed on GMR by the Maldives inland Revenue Authority on the Final Award Sum in respect of taxes.
The Maldivian government in 2017 had slapped a notice seeking USD 20.5 million (approximately ₹ 137 crore) towards income tax and fines from GMR Male International Airport Private Limited, a GMR group company, that won USD 270 million arbitration against the premature termination of the contract for modernisation and operation of the Male airport.
The Indian infrastructure major refuted the tax claim by Maldives.
We have been informed by the Government (of Maldives), and, therefore, confirm that no sum will be imposed (on GMR) by Maldives inland Revenue Authority on the Final Award Sum in respect of taxes. As a result, there is no need for any sum to be added to the Final Award Sum to take into account any tax to be imposed by the Maldives Inland Revenue Authority the Maldivian Attorney Generals Office said.
When contacted, an official of the the GMR Group confirmed the development and welcomed the decision of the Maldivian government.
“Maldives government has now agreed with the GMR assertion that GMR need not pay any tax on the arbitration award. GMR welcomes this positive outcome, the company spokesperson told PTI on Sunday in an e-mail response.


Profile
AAC Cargo is an international Freight Forwarding company, based in Dubai, with a reputation for providing outstanding quality that continues to secure a loyal customer base. The Company has developed a strong, young management team, which together with the founding Directors are committed to working within established quality procedures to provide each customer with the most reliable personalized service and dedicated to the continuous development of both our people and our services.

We provide a broad range of Sea Freight, Air Freight, Cars Shipping, Boat Relocation, International Movers, ExpressCargo, with our broad range of logistics solutions & Products and consolidation services, we ensure your cargo reaches the right place, at the right time in a cost-efficient way. We work with a spread of ocean carriers covering major carrier alliances with planned space protection from every major container port in the world to deliver reliability. We also work with many Airlines specialized in Air Freight.
AAC Cargo, Dubai, U. A. E.
www.aaccargo.com
Tel: +971 4 8880718
Air Freight | Sea Shipping | International | Courier Express Cargo | Car Shipping | Boat Relocation | International Movers
Air Freight, Sea Freight, Express Cargo, International Movers, Boat Relocation, Car Shipping, Parcel, Project cargo and Fine Arts cargo.




Title:International Cargo & Shipping Services

Keyword:Air Freight, Sea Freight, Express Cargo, International Movers, Boat Relocation, Car Shipping, Parcel, Project cargo and Fine Arts cargo.

Comments

Post a Comment

Popular posts from this blog

ASENDIA HELPS RETAILERS TO STREAMLINE THEIR LOGISTICS

Image
Asendia  Singapore has opened a high-tech Fulfilment Centre at  Singapore Changi Airport  in the latest phase of its global e-commerce focused strategy. Based in the city state’s Free Trade Zone (FTZ), the new facility offers Asendia customers the ability to manage their cross-border e-commerce fulfilment operations from Singapore, regardless of where their parent company is based, particularly useful for US and EU based e-commerce operators. This opening means that Asendia now has fulfilment solutions straddling three continents, Asia, Europe and North America. The Singapore Fulfilment Centre will offer services including; order processing, global distribution, storage and stock management. Due to Singapore Harbour’s free-trade status and proximity to Asian manufacturing hubs customers will benefit from reduced transport costs and more efficient tax and duty management. Commenting on the announcement, Dieter Pluess, CEO Asendia Singapore, said: “Asendia is leading the way w
Read more

DECATHLON ROLLS OUT PARCEL LOCKERS IN BELGIUM

Image
Sports retailer Decathlon is working with bpost subsidiary Cubee to roll out parcel collection lockers at its stores in Belgium. The sports retailer and bpost are introducing collection points at 12 stores across Belgium by the end of 2019. The first points will be at stores in Maasmechelen and Olen, with Antwerp and Wavre to follow in the short term. The machine in the car park of the Maasmechelen store has 58 individual lockers. Built by Cubee, the technology allows customers to collect and return online orders from certain internet shops. Customers are sent an email or SMS with the collection code once the courier places the order in the Cubee parcel machine. In the future, Decathlon wants to use the machines to offer a same-day click and collect service. Project leader Ina Vandercappellen said: “Our collaboration with Cubee fits in perfectly with the optimum service that we strive for. Customers can now also pick up their package at their fav
Read more

Saudia Cargo transports 175 Tons of WWE Super Showdown equipment

Image
Saudia Cargo has successfully provided all its logistical capabilities to bring the WWE wrestling ring equipment of the show that were forwarded by Sound Moves via Saudia Cargo freighters Share by  Logistics Middle East Staff Wed 12 Jun 2019 04:13 PM Saudi Airlines Cargo Company transported 175 Tons of World Wrestling Entertainment (WWE) equipment all the way to Jeddah, from Maastricht in the Netherlands for the WWE event that took place at King Abdullah Sports City in June. Saudia Cargo has successfully provided all its logistical capabilities to bring the WWE wrestling ring equipment of the show that were forwarded by Sound Moves via Saudia Cargo freighters. Boeing 747-8s & Boeing 777s carrying total tonnages of 175 tons delivered the cargoes in May. The company also provided special Ground Handling for the heavy loads at King Abdulaziz International Airport’s Cargo station. Saudia Cargo resumes freighter
Read more