Cancellation of VAT for ship repair on agenda in Russia
Issues of Russia’s ship repair market will be discussed at the conference “Ship Repair, Modernization and Components”
Cancellation of VAT for ship repair has been under discussion between Russia’s shipping community and the ad hoc authorities for more than a year. By today, the proposal has been supported by all fishing and shipping associations, the Ministry of Industry and Trade, the Ministry for the Development of the Russian Far East and Arctic as well as some Governors of the regions where ship repair enterprises account for considerable revenues of the regional budget.
In their interviews with PortNews Magazine, the support of domestic ship repair was expressed by Aleksandr Spiridonov, Deputy Chairman of the State Duma Committee for Industry and Trade, and Konstantin Dollgov, Deputy Chairman of the Federation Council Committee for Economic Policy.
The market players interviewed by IAA PortNews, agree on the need to cancel VAT for repair of the national fleet at domestic yards as a state support measure essential for several industries including commercial and passenger shipping, industrial fishing, shipbuilding and ship repair, as well as related industries including production of metals, engines, paint coatings and electronics. In the result, intensified ship repair in Russia would facilitate import substitution in shipbuilding due to the growth of the demand for components.
In response to IAA PortNews inquiry, the Ministry of Finance says no proposals on VAT cancellation for ship repair in Russia have been received from any в ad hoc authority so far. Regulatory issues of Russia’s ship repair market will be discussed at the conference “Ship Repair, Modernization and Components” organized by PortNews Media Group with the support of United Shipbuilding Corporation. The event will be held by on the zero day of the Global Fishery Forum and Seafood Expo Russia (SEAFOOD EXPO RUSSIA) on 20 September 2022 in Saint-Petersburg. The conference delegates will also discuss modernization and construction of ship repair facilities and supply of components as well as ship repair technologies and supply chains.
The conference organizer - PortNews Media Group supported by United Shipbuilding Corporation JSC (USC).
Participation fee is foreseen. Advertising opportunities are offered. Read more about the event >>>>
