Indian Seamen Might Get Income Tax Waiver Soon
Indian Seamen Might Get Income Tax Waiver Soon
08th Jan 2012
The recent Indian National Shipping Board (NSB) meeting recommended two important points –
Unified control for both major and minor ports of India and tax waiver for Indian seamen. NSB suggested waiver of income tax for Indian seamen at the 117th meeting of the board.
At present, Indian seafarers working for international ships don’t have to pay tax as they fall under NRI status, whereas seafarers working on Indian ships have to pay 30% of their earnings. This law has worked against the Indian shipping industry as highly qualified seamen are seen leaving Indian ships to join foreign vessels.
Moreover, the shortage of manpower has been bothering the Indian Shipping industry for quite some time now, and the present income tax law might be one of the reasons for the problem. If the finance minister allows the tax waiver, it would definitely have a positive effect on the shipping industry. The tax waiver, if passed, would play an important role in supporting the rapid development of the shipping infrastructure that the country is planning.
The NSB meeting also suggested upgrading the existing Marine Mercantile Department Offices and to open new field offices to help seafarers in taking exams.
