Miami: Many countries do not understand the potential of the aviation industry which remains "highly constrained" by high taxes and regulations, though the sector is set to contribute a whopping US $116 billion in revenue worldwide this year, global airlines' body IATA has said here.
"Governments have gained substantially from the good performance of the airline industry. Airlines and their customers are forecast to generate US $116 billion in tax revenues this year," the International Air Transport Association (IATA) said in a latest mid-year report on the industry's financial performance.
The report, released at the IATA's 70th annual meet here by Chief Economist Brian Pearce, said this tax revenue was equivalent to nearly 48% of the industry's gross value added (equivalent to GDP), which is paid to governments in payroll, social security, corporate and product taxes.
11/06/15 PTI/Daily News & Analysis
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"Governments have gained substantially from the good performance of the airline industry. Airlines and their customers are forecast to generate US $116 billion in tax revenues this year," the International Air Transport Association (IATA) said in a latest mid-year report on the industry's financial performance.
The report, released at the IATA's 70th annual meet here by Chief Economist Brian Pearce, said this tax revenue was equivalent to nearly 48% of the industry's gross value added (equivalent to GDP), which is paid to governments in payroll, social security, corporate and product taxes.
11/06/15 PTI/Daily News & Analysis
