The future of VAT

OCEAN to contribute to the GREEN PAPER on the future of VAT: “Towards a simpler, more robust and efficient VAT system�

OCEAN's tax expert Mr. Cupido will travel to Milan, Italy to represent OCEAN in the high level conference of DG TAXUD on the future of VAT on May 6th 2011.  This will come in parallell with the written contribution That the ship supply industry will make on the green paper of the Modernised Customs Code. 

"VAT and the future treatment of VAT is majorly important for the ship supply industry" Mr. Cupido commented "It is very important for OCEAN to be at the forfront of the debate and engage in an active dialogue with the EU Commission. We will of course not comment on all questions raised n the green paper but issues like "Exemptions from VAT” , "What degree of harmonisation does the single market require?" Reducing ‘red tape and Synergies with other legislations are very relevant for us. I am glad the EU Commissioner wants to listen and learn also about the impact this subject has on our very specific industry. 

Ship supply companies are exempted from paying VAT. This is of fundamental importance for the European ship supply industry, a fact which the EU Commission and the Member States of the European Union have recognized. In order to maintain a healthy and competitive ship supply industry inside the European Union, it is imperative not to create additional costs or burdensome procedures that could hamper the competitiveness of the European Ship Supply Industry vis-à-vis third countries under any future legislation regarding VAT. In OCEAN's submission to the EU Green Paper, OCEAN will recall the key reasons why this is so crucially important. The comments will be published online.