KPMG report: Shipping and offshore tax update (August 2024)

The KPMG member firm in the Netherlands has prepared a report that summarizes certain global tax-related developments that are relevant for companies involved in shipping and related industries.

Read the KPMG report (August 2024) that covers the following developments:

Australia
Petroleum Resource Rent Tax Assessment Regulations 2024 update the gas transfer pricing rules to align with OECD guidelines, adjust the advance pricing arrangement rules, and introduce specific rules for tolling arrangements
Fiji
Repeal of fiscal duty on Importation of raw materials, machinery and packaging materials in budget 2024-2025
5% fiscal duty levied on imports of ships, boats and floating structures
India
Budget 2024 shipping reforms
Italy
Extension of tonnage tax benefits
Netherlands
Dutch tax authorities take a position on the scope of Article 24 of the Netherlands-Belgium treaty (offshore activities)
Dutch VAT: Updated rules for zero VAT-rated supplies
Singapore
Alternative basis of tax for selected maritime sector incentive (MSI) sub-schemes (tonnage tax regime)
Suriname
Tax treaty between Suriname and Curacao signed
United Kingdom
Changes to the energy (oil and gas) profits levy

Source: KPMG