Transfer Pricing Implications for the Maritime Shipping Industry – a GCC Perspective
The maritime shipping industry is a critical component of global logistics, handling 80-90% of worldwide merchandise trade. Its role in transporting goods, raw materials, and commodities across international ports ensures the smooth flow of essential resources. Given its significance in global trade, the industry faces increasing complexities, particularly in transfer pricing. To stay competitive and compliant, businesses must navigate a challenging regulatory environment.
In light of this, our latest article delves into the specific transfer pricing challenges faced by the maritime shipping industry, with a focus on the Gulf Cooperation Council (GCC) region. The article covers:
- A comprehensive overview of global and regional maritime markets, highlighting key players and future growth projections.
- The relationship between maritime shipping and logistics, detailing the roles of various service providers.
- Critical tax and transfer pricing issues, including the implications of incoterms and supply chain models on tax compliance.
- Emerging trends such as offshore shipping service hubs and the impact of carbon pricing on the industry.
By understanding these factors and trends, businesses can ensure compliance and maintain operational efficiency in this dynamic environment.
Mohamed Serokh
Mohamed is a key member of the leadership team, responsible for spearheading growth strategy, identifying new market opportunities, implementing business development initiatives, and collaborating with the wider tax leadership team to drive client excellence and revenue growth. As Growth Leader, he also leads strategies to accelerate Deloitte’s growth platform, manage proposals, and promote the firm’s capabilities and market eminence. In addition to leading growth initiatives, Mohamed heads the award-winning and market-leading Transfer Pricing team. The team’s services span three key areas: consulting, controversy, and compliance, supporting clients across various sectors. As a Transfer Pricing specialist and former regulator, Mohamed has more than 25 years of experience in transfer pricing, international tax, strategic, economic, and business consulting. His expertise covers multiple sectors, including automotive, construction and materials, energy, financial services, pharmaceuticals, telecommunications and media, technology, and travel and leisure. His experience includes leading and managing global documentation and planning studies, as well as drafting Advanced Pricing Agreements (APAs) for submission to tax authorities worldwide. Mohamed regularly presents on transfer pricing and tax issues at global seminars and has been extensively published in the field. In 2020, he was awarded the International Tax Review (ITR) Editor’s Choice Award for progressive work in Transfer Pricing and was nominated for the EMEA Transfer Pricing Practice Leader of the Year award. Mohamed holds an MBA (with distinction) from Warwick Business School, where he won an award for the overall best MBA degree of the year. He also holds an MSc Economics (with distinction) and a BSc Economics (first class) from the University of London.
