PORT TAXES ON RISE IN ARGENTINA, INDIA
Port agents in Argentina were affected Wednesday by the implementation of new tax levied by the government on financial transactions.
The 0.25-percent tax applies to all payments arranged by port agents. According the Baltic and International Maritime Council, which represents many port agents in the country, the details of the overall affect of the tax on the industry are still being sorted out.
Similarly, the Indian government plans to implement on July 1 a value-added tax of 5 percent covering all services rendered at Indian ports.
“While it’s understandable that developing countries seek new sources of revenue, unfortunately the adverse affects on transportation costs are often overlooked,” said Thomas Timlen of BIMCO.