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International Customs

Pakistan’s first in-depth newspaper that presents balanced news reports, analysis and reviews regarding Customs, Federal Board of Revenue (FBR) and Sales/Income Tax Departments beside covering import and export sectors comprehensively. Up-to-the-minute news bulletins regarding Customs and FBR departments are also displayed regularly on both website and face book for the interest of common people

UK public finances show first July surplus since 2002

trade surplus

LONDON: Britain unexpectedly posted its first budget surplus for any July since 2002, boosted by strong income tax payments, according to official data on Tuesday. The surplus in July stood at 184 million pounds, compared with last year’s 308 million pound deficit, the Office for National Statistics said, citing figures that exclude state-controlled banks. The figures were boosted by a ... Read More »

Iranian exports to Nigeria up 69%


TEHRAN: Iran exported close to $3 million worth of goods to Nigeria during the first four months of the current Iranian year (March 21-July 22), registering a 69% increase compared with the corresponding period of last year, Mahmoud Haji-Yousefipour, an official with the Trade Promotion Organization of Iran, said. “The main exported commodities to the African country over the period ... Read More »

Rice imports at 760,000 tons last year in Iran


TEHRAN: Around 760,000 tons of rice were imported into Iran during the last fiscal year that ended on March 20, 2017, a deputy minister of agriculture said. “This is a remarkable achievement, as four years ago when President Hassan Rouhani took office, rice imports stood at 2 million tons [per year],” Yazdan Seif was also quoted as saying by Mehr ... Read More »

Saudi Arabia imports 2mln tons of wheat this year


RIYADH: The Saudi Grains Organisation has awarded the third batch of imported solid wheat for 2017, amounting to 490,000 tons distributed to the European, American, and Australian sources, explaining that by awarding this batch, the foundation has contracted this year on two million tons of imported wheat. The Organisation’s Governor Engineer, Ahmed bin Abdulaziz Al-Faris, said that the contract for ... Read More »

Saudi fiscal deficit continues decline


RIYADH:  According to the second quarter budget statement for Saudi Arabia, the vast majority of the rise in the government revenue, up to 6 percent year-on-year, was due to improvements in oil revenue as result of higher yearly oil prices, but not higher export volumes. The report, released by Jadwa Investment, said “due to lower output in accordance with the ... Read More »

Russian rouble nears one-month highs, lifted by taxes, oil


MOSCOW:  The Russian rouble firmed on Tuesday, supported by month-end tax payments and higher oil prices. The rouble gained 0.2 percent to 59.03 against the dollar as of 0734 GMT, inching towards the 58.93 it hit on Monday, its strongest level since July 21. A lull in geopolitical pressures and a gradual decline in U.S. and German bond yields has ... Read More »

Russia’s grain export season extended as huge crop tests infrastructure

grain exports

MOSCOW: The arrival of a record grain crop is expected to severely test Russia’s cereal storage and transport infrastructure, pitting its supply against European Union and U.S. origin for the entire 2017/18 marketing year. Russia, shaping up to be the world’s largest wheat exporter in the coming 2017/18 marketing year, is seen harvesting between 125-127 million tonnes of grain, unofficial ... Read More »

Nigeria Customs impounds smuggled vehicles, other items worth N62m in Ogun


ABUJA: Operatives of Nigeria Customs Service (NCS) have intercepted vehicles, frozen poultry products, rice and vegetable oil with the duty paid value of N62.6million, just as it impounded 295.4kg of Indian hemp for which the bus belonging to the Federal University of Agriculture, Abeokuta was used to convey. Speaking during a Press conference held in Abeokuta on Tuesday, Sani Madugu, ... Read More »

China sets stage for spike in NatGas imports


BEIJING: China’s natural gas imports rose last year and are expected to continue to increase in coming years as Beijing is increasingly using natural gas to replace dirtier coal in an effort to tackle air pollution from industrial and urbanization growth. According to a report by several Chinese state administrations and research centers, as carried by the Caixin Global outlet, ... Read More »

Kazakhstan doubled rapeseed exports in 2016/17 season


WASHINGTON: Kazakhstan exported 64.5 KMT of rapeseed in MY 2016/17, or almost twice as much as last season. Export shipments had been falling since the 2013/14 season due to a corresponding trend in this oilseed’s production. Apart from the crop increase, the 2016/17 decline in oilseed crushing resulted in higher exportable rapeseed stocks in Kazakhstan, reports UkrAgroConsult. The end market ... Read More »

Israel’s unemployment rate falls to lowest rate in decades


JERUSALEM: Israel’s unemployment rate dropped in July to 4.1% from a revised 4.3% the month before, the Central Bureau of Statistics said on Monday, making it the lowest jobless rate seen in decades. Bank of Israel figures, which only go back to 1995, show the July figure to be the lowest. The CBS figures show it to be the lowest ... Read More »

Chinese port operators expand with unprecedented aggressiveness


BEIJING: Prospects for global demand growth in container ports are are now more optimistic and Chinese market players are moving forward aggressively with high-level purchasing of terminals. In that sense, major shipping mergers and acquisitions are changing the landscape, marking a better future, according to the Global Annual Report on Container Operator Terminals 2017, in its fifteenth year of publication ... Read More »

Indonesia, Pakistan opt for concession on 20 items


JAKARTA: Indonesia and Pakistan have agreed on concession for 20 different items during bilateral negotiation under Preferential Trade Agreement (PTA). Both sides discussed 20 tariff lines and Indonesia agreed to give concession on major exports from Pakistan including rice, textile, ethanol, kinnow and mangoes during renegotiation on PTA, senior official of Ministry of Commerce told APP here on Sunday. Concession ... Read More »

Maersk agrees to sell oil unit to Total in $7.45b deal


COPENHAGEN: Total is buying Maersk Oil in a $7.45 billion deal which the French oil major said would boost its earnings and cash flow, and bolster its dividend prospects. Danish company A.P. Moller-Maersk is selling its Maersk Oil division to Total to focus on other activities including its shipping business. Under the terms of the deal, A.P. Moller Maersk will ... Read More »

Germany runs deficit despite record tax revenues in July


BERLIN: Germany recorded a budget deficit in July as growing public expenditure outweighed a rise in tax revenues, an official monthly report showed Monday. The German government posted a loss of 8.4 billion euros (9.91 billion U.S. dollars) between January and July, threatening to undermine the country’s global reputation for fiscal stability. Monthly fluctuations make it currently impossible to foresee ... Read More »

Belgium new European buyer of Iran’s petchem products

Iran Belgium

TEHRAN/BRUSSELS: Iran started exports of its petchem products to Belgium since the beginning of the present Iranian calendar year (started on March 21, 2017), local media reported on Monday. Quoting the Managing Director of Mahabad Petrochemical Complex (MAPC) Mohsen Majidi as saying, the report confirmed that as of the said time, MAPC has exported 90,000 tons of its products, worth ... Read More »

New Zealand releases tax guide on backdated holiday pay

Time For Taxes Message Shows Taxation Due

WELLINGTON: New Zealand’s Inland Revenue has issued guidance to employers on how a backdated payment to correct errors in holiday pay is to be treated for tax purposes. The guidance has been released because It was identified recently that for a number of years some employers have been underpaying their employees’ holiday pay entitlement. The guidance is intended to assist ... Read More »

South Korea’s exports post double-digit increase for Aug2017


SEOUL: South Korea’s exports posted a double-digit increase during the Aug. 1-20 period due to demand for semiconductors and oil products, customs data showed Monday. Exports, which account for about half of the economy, reached 25.1 billion US dollars for the first 20 days of this month, according to the Korea Customs Service. It was 11.6 percent up from the ... Read More »

Japanese beef buyers may get frozen out by tariff hike

employement rises

TOKYO: Japan’s newly imposed emergency tariff on frozen American beef has raised a question about the wisdom of hanging on to a relic of a bygone trade framework when securing enough beef to meet domestic demand could become a challenge amid the tightening global supply. According to media reports, Japanese imports of US beef abruptly skyrocketed around mid-May. The safeguard ... Read More »

Gold consignments from South Korea to face strict customs scrutiny

South Korea India

NEW DELHI: The Customs authorities have decided to examine thoroughly the consignments of gold coming from South Korea to ensure that there is no violation of provisions of free trade agreement, a senior official said. The issue was deliberated upon in details during a meeting last week of the department of commerce, customs authorities, officials of economic affairs and the ... Read More »