Recommendations of ICS, WSC and ECSA in respect of the March 10, 2023, note of a Subcommittee (“March 2023 Subcommittee Note”) of the Committee of Experts on International Cooperation in Tax Matters (“UN Tax Committee”) concerning possible revisions to Article 8 (international shipping and air transport) of the United Nations Model Double Taxation Convention between Developed and Developing Countries (“UN Model”).
As recently as December 2022, the UAE was listed as the country with the highest incidence of abandonment in the world - ICS recorded 29 such cases during the course of the year. Fast forward less than four months and welfare groups have noted, despite increasing prevalence worldwide, a significant drop in the number of UAE cases, with just one case reported in the first quarter of 2023.
Seven of the world’s biggest economies have reaffirmed their commitment to more stringent emission targets for international shipping. The G7 Ministers’ Meeting on Climate, Energy and Environment on April 15-16 noted the group’s common aim of working towards an IMO greenhouse gas (GHG) target of net-zero emissions by 2050, with new intermediate targets in 2030 and 2040.
The latest findings of the Intergovernmental Panel on Climate Change (IPCC) Climate Change 2023: Synthesis Report have prompted UN Secretary General António Guterres to call on all countries to bring forward their net zero plans by a decade to meet greenhouse gas (GHG) targets