Tax Free World Association is pleased to announce that, following the latest meeting of the TFWA Management Committee, it has been decided to reimburse…
Tax Free World Association is pleased to announce that, following the latest meeting of the TFWA Management Committee, it has been decided to reimburse in full the paid stand reservation costs to all companies that were registered on 1 March 2003 to exhibit at TFWA Asia Pacific 2003.
The TFWA Asia Pacific exhibition and conference, which were due to take place in Suntec Singapore from 20-23 May, were cancelled because of the combined effects of the war in Iraq and the outbreak of Severe Acute Respiratory Syndrome in the region.
The Association is arranging for this refund to be returned to companies by the end of July 2003 in the form of a credit towards future TFWA events or as a bank transfer.
The Association has been gratified by the way in which the Singapore authorities and their business partners have endeavoured to minimise or defray the costs incurred through the cancellation of TFWA Asia Pacific and Gate One.
Nevertheless the Association has had to bear a financial burden for this event amounting to approximately Euros One million. This burden will be met from reserves built up by TFWA over recent years and through a series of cost-trimming measures.
Erik Juul-Mortensen, TFWA President: The TFWA Management Committee has resolved to do everything possible to ensure that any decision regarding the burden of costs relating to cancellation should be in the best interests of our members and the industry as a whole. I believe that the decision made by Management Committee reflects this and also fully lives up to the motto of the Association: `By the trade, for the trade`.
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