Indian govt flouting global laws by taxing international air tickets: IATA

Agencies
June 4, 2018

Sydney, Jun 4: The International Air Transport Association (IATA) on Monday castigated India for taxing international tickets, as it asked governments to facilitate the growth of worldwide connectivity by avoiding creeping re-regulation, maintaining the integrity of global standards and addressing a capacity crisis.

“We must take governments to task. It is unacceptable that global standards are being ignored by the very governments that created them,” IATA’s Director General and CEO Alexandre de Juniac said.

Asserting that India was taxing international tickets in contravention of the resolutions of the UN body International Civil Aviation Organisation (ICAO), de Juniac said, “India helped develop ICAO resolutions prohibiting tax on international tickets.”

“Yet it persists in taxing international travel,” he said, apparently referring to the imposition of Goods and Services Tax (GST) and enhancement of its rates on international air tickets, especially business class.

The Indian government had announced the implementation of the GST from July 1, 2017. The tax covers airline products and services including tickets, ancillary, change, refund and other products and fees.

De Juniac was presenting a report on the air transport industry at the opening session of the 74th IATA Annual General Meeting and World Air Transport Summit, which began here today.

“On aviation’s core mission to deliver safe, secure, accessible and sustainable connectivity, the state of our industry is strong and getting stronger. And with 'normal' levels of profitability we are spreading aviation’s benefits even more widely.

“But there are challenges. Smarter regulation needs to counter the trend of creeping re-regulation. Global standards must be maintained by the states that agreed (upon) them. And we need to find efficient solutions to the looming capacity crisis,” he said.

Alluding to the recent announcements by the Trump administration in the US on imposition of hefty tariffs on import of steel and other products, he warned that “the spectre of a trade war looms” which would hit the aviation industry as well, specifically in terms of cargo movements and business travel.

“The forces of protectionism are gathering strength. Sanctions, tariffs and geopolitical conflicts are the mainstay of daily news. The spectre of trade war looms. Debates on migration and immigration rage. And trust among nations is showing fragility,” the IATA chief said.

He said airlines flew over four billion passengers in 2017 while more than 60 million tonnes of cargo was delivered by air, accounting for a third of the value of goods traded globally.

“Every day, goods, people, investment and ideas are connected by aviation. That directly supports 63 million jobs and improves the quality of life for all,” de Juniac said.

However, it is “a challenging industry to operate”, he said, adding “high taxes, costly and ill-conceived regulation, infrastructure capacity constraints, market shifts and the demands of labour are the ‘normal’ repertoire.”

“Protectionism could derail successful international joint ventures. And fuel costs are expected to be up 25 per cent on 2017,” he said.

However, despite such a scenario, the aviation industry’s financial foundation has “grown stronger”, he said, projecting that the airlines would make nearly USD 40 billion this year as passenger demand is expected to grow 7 per cent and cargo by 4 per cent.

“There are challenges. We will meet them head-on. How? By building the partnerships and understanding needed to further the reach and expand the benefits of the amazing industry... I will say it proudly again, we are the business of freedom,” de Juniac said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
November 21,2024

adani.jpg

Shares of Adani Group companies lost about $28 billion in market value in morning trade on Thursday after US prosecutors charged the billionaire chairman of the Indian conglomerate in an alleged bribery and fraud scheme.

Gautam Adani's flagship company Adani Enterprises tumbled 23 per cent, while Adani Ports, Adani Total Gas, Adani Green, Adani Power, Adani Wilmar and Adani Energy Solutions, ACC , Ambuja Cements and NDTV fell between 20 per cent and 90 per cent.

Adani group's 10 listed stocks had a total market capitalisation of about $141 billion at 0534 GMT, compared to $169.08 billion on Tuesday.

US authorities said Adani and seven other defendants, including his nephew Sagar Adani, agreed to pay about $265 million in bribes to Indian government officials to obtain contracts expected to yield $2 billion of profit over 20 years, and develop India's largest solar power plant project.

Adani Green in a statement on Thursday said the US Justice Department had issued a criminal indictment against board members Gautam Adani and Sagar Adani and the Securities and Exchange Commission had issued a civil complaint against them.

The US Justice Department also included Adani Green board member Vneet Jaain in the criminal indictment, it said.

Adani Green's units had decided not to proceed with the proposed US dollar denominated bond offerings due to developments, it added.

"Investors will shy away from Adani Group stocks ... and that's what this sharp selling is signifying," said Saurabh Jain, assistant vice president of retail equities research at SMC Global Securities.

"This could hurt the credibility of the group and maybe borrowing costs will rise," he said.

The indictment comes nearly two years after US shortseller Hindenburg Research alleged that Adani had improperly used tax havens and was involved in stock manipulation, allegations the conglomerate denied.

Also in early Asian trading on Thursday, Adani dollar bonds slumped, with prices down 3c-5c on bonds for Adani Ports and Special Economic Zone. The falls were the largest since the Adani Group came under a short-seller attack in February 2023.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
November 28,2024

Mangaluru: In a heartbreaking incident, three first-year nursing students drowned in the Phalguni River near Barkaje dam, within the Venoor police station limits, on Wednesday evening.

Preliminary reports identify the deceased as Lawrence from Moodbidri, Suraj from Belthangady, and Jaison from Vagga in Bantwal.

According to police sources, the tragedy occurred around 5:30 PM. The group of friends had gathered at a friend's house to celebrate a church feast. After lunch, five of them decided to visit the river near the dam for a swim.

While in the water, two of the students were caught in the strong current. Jaison, attempting to rescue them, was also swept away. Fire and emergency services personnel, along with the police, rushed to the scene and retrieved the bodies.

This tragic event has left the community in deep sorrow.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
November 27,2024

Mangaluru: A five-year-long pursuit of justice continues for several youths from Dakshina Kannada who fell victim to a fraudulent food delivery job scam in Kuwait. The victims, lured by promises of lucrative overseas employment, now find themselves entangled in legal battles and financial ruin.

In a recent development, the Enforcement Directorate (ED) summoned the victims to its Mangaluru office as part of the ongoing investigation. The case, which dates back to May 28, 2019, was initially registered at the Mangaluru North police station based on a complaint filed by Usman, a resident of Jalligudde. His brother, Aboobakkar Siddique, was among the 34 victims duped by Manikya Associates, a recruitment agency operated by Prasad Shetty.

According to the complaint, the victims were promised jobs as food delivery executives in Kuwait with a salary of ₹40,000 per month. “I paid ₹80,000 to the agent and ended up spending seven harrowing months in Kuwait without any salary,” shared a victim who now works in construction. Another victim, now employed as a driver, said, “I dreamt of working abroad to support my family. I even pledged jewelry to pay the fees, but it took me years to recover financially.”

The victims allege that they were left stranded in Kuwait in January 2019 after completing all formalities. With no jobs and mounting expenses, their ordeal lasted seven months. They were eventually repatriated with the help of Indian expats and the Embassy of India in Kuwait, just two months after the complaint was filed.

The ED investigation is reportedly progressing, and victims said they were assured that their payments to the agent would be refunded soon. An ED official confirmed that efforts to ensure justice are ongoing.

For these youths, the pain of shattered dreams and financial losses has lingered for years, with many still struggling to rebuild their lives. As they await justice, their plight serves as a cautionary tale about the perils of fraudulent recruitment schemes.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.