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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

S Africa aims to patch up threadbare clothing industry

south africa

CAPE TWON: South Africa is fighting to revive its frayed clothing industry, once a crucial provider of jobs in a country suffering from high unemployment, as a flood of cheap imports forces local factories to shutter and lay off workers. Once the economic lifeblood of many small regional towns, the abundance of cheaper products from China has led to the ... Read More »

Finland technological advances to necessitate changes to car taxes


HELESINKI: Anne Berner (Centre), the Minister of Transport and Communications, has reminded that changes in consumption patterns may necessitate quick changes to how motor vehicles are taxed in Finland. Advances made in the automotive industry will create considerable pressures to overhaul car taxes in Finland, writes Kauppalehti. Anne Berner (Centre), the Minister of Transport and Communications, estimates that it is ... Read More »

Qatar signs security agreement with NATO


DOHA: Qatar has signed a security agreement with NATO in Brussels on Tuesday amid the ongoing Gulf crisis that began last June. This security agreement provides the framework for the protection of exchange of classified information, as defined by all 29 member countries,” said a statement released by NATO yesterday. Bahrain, Kuwait and the United Arab Emirates (UAE), have also ... Read More »

Tribal feuds spread fear in Iraq’s Basra


BAGHDAD: Iraqi forces at a checkpoint they between the northern outskirts of Basra and al-Dayr as they search for weapons and wanted people involved in tribal conflicts in the north of the Basra province on January 13, 2018. Photo: Haidar Mohammed Ali | AFP Daud Salman and his family stayed put in their Iraqi village despite years of regular clashes ... Read More »

Netherland Export growth over 9 percent in November


AMSTERDAM: Statistics Netherlands (CBS) reports that the total volume of goods exports grew by 9.4 percent in November 2017 relative to November 2016. Relative growth was higher than in October 2017. In November, exports of machinery, appliances and cars increased again most notably. The volume of imports was 5.3 percent up on November2016. Import growth was also higher than in ... Read More »

Launches probe into Poland’s tax scheme for shipyards


WARSAW: The European Commission has announced that it is investigating Poland’s low flat-rate sales tax for shipyards operating within the nation’s borders, saying the policy is possibly flouting European Union state aid rules by giving a selective advantage to companies in the country. In a statement issued on Monday, the commission  which is the EU’s executive arm and competition watchdog ... Read More »

Philippines progressing with corporate tax reform


MANILA: Philippines’ corporate income tax rate and overhaul the country’s fiscal incentives has been tabled in the House of Representatives. The changes are part of the second package of the Government’s Comprehensive Tax Reform Program (CTRP). Package 1 of the CTRP, also known as the Tax Reform for Acceleration and Inclusion Act (TRAIN), was signed into law by President Duterte ... Read More »

Taiwanese in Poland arrested for fraud

taiwan tax

TAIPEI: Taiwanese and two Poles, who have been arrested and could face up to 15 years in prison. The ring was said to have made €1.8 million (NT$65 million) in a year from phone scams targeting Chinese nationals, according to Polish prosecutors.According to AFP News, the gang made calls to victims in China pretending to be local police officers and ... Read More »

Estonia put on Ukraine’s list of tax havens by mistake


KIEV: Estonian entrepreneurs so that bilateral economic relations could continue operating, as undoubtedly this kind of development will damage the relations,” Mikser said at the government’s press conference yesterday. They should have notified us, but they did not. From the moment that the Estonian officials knew of this, we have worked towards ensuring the Estonia is eliminated from this list,” ... Read More »

Italy non domiciled tax regime to profit from UK’s changing stance


ROME: At the start of 2017, in a bid to attract more wealthy citizens and capital to Italy, Rome introduced a non-domiciled tax regime. Now, citizens can move their tax domicile to Italy without too much administrative effort. All income they receive from non-Italian sources is taxed at a flat rate of €100,000 ($117, 666) per year, plus €25,000 ($29, ... Read More »

Bank Indonesia keeps rates unchanged but boosts banks liquidity


JAKARTA: Bank Indonesia also decided to accelerate the implementation of average minimum reserve requirement ratios in an attempt to increase the effective transmission of monetary policy, support banks’ liquidity management flexibility, while simultaneously accelerating financial market deepening in Southeast Asia’s largest economy. Indonesia-based conventional commercial banks are still obliged to keep 6.5 percent of their deposits, in rupiah currency, at ... Read More »

Denmark ATP to make fair tax checks on potential partners


COPENHAGEN: Denmark’s largest investor, pension fund ATP, has begun to make random checks on business partners to avoid becoming entangled in aggressive tax avoidance schemes, its chief financial officer Bo Foged told Reuters. The move by ATP, the mandatory pension scheme for all Danes, worth more than $120 billion, follows the Paradise Papers and Panama Papers global scandals and efforts ... Read More »

Oman’s SWF gets approval for $1b infrastructure fund


MUSCAT: Oman’s State General Reserve Fund (SGRF) has got government approval to launch a $1 billion infrastructure fund that will invest in the tiny Gulf state’s infrastructure projects, a senior finance ministry official said on Thursday. The non-OPEC oil producer, like some other Gulf states has been hit hard by low oil prices in the last two years leading to ... Read More »

Substantial price increases for Spanish imported vegetables


MADRID: The importers focusing on Spain are currently experiencing their peak season. Due to the cold and the limited water supplies, the quantities availability in some fruit areas is rather limited and the prices are rising accordingly. Therefore, wholesalers are looking for alternatives. The prices for Spanish vegetables are currently at a relatively high level, something which importers will confirm. ... Read More »

Vietnam growing as export destination for Republic of Korea


HANOI: Exports of the Republic of Korea (RoK) to Vietnam increased impressively in 2017, making its trade surplus with the Southeast Asian country surpassing that with the United States. Statistics of the Korea International Trade Association (KITA) showed that last year, the RoK exported 47.7 billion USD worth of products to Vietnam, accounting for 8.3 percent of the country’s total ... Read More »

Norwegian salmon exports to China rose further last week


OSLO: Norwegian salmon exports to China rose to 399 tonnes last week from 88 tonnes the previous week, and from 58 tonnes in the corresponding week last year, data from Seafood Norway showed on Thursday. The Chinese volumes remain small however when compared to Norway’s overall salmon exports, which last week hit 17,101 tonnes. The industry considers a recovery of ... Read More »

New Zealand extends tax relief to drought affected farmers

new zealand

WELLINGTON:  New Zealand Revenue Minister Stuart Nash on Thursday confirmed tax relief measures will be extended to farmers in drought areas. In late December and early January, the drought was classified as a medium-scale adverse event across many parts of New Zealand. The declaration of an adverse event allows government agencies to step up with additional support for farmers and ... Read More »

Japan dumping treasuries puts spotlight on Euro area debt


TOKYO: Sovereign issuers that are selling bonds in euros at a record pace could well be finding some of the world’s most prolific buyers ready to pounce. Investors in Japan and China are shunning US Treasuries, and the conditions are ripe for that cash to find a home in Europe. Early signs of a shift may already be visible: Belgium ... Read More »

Brazilian ethanol prices open window for U.S. imports


BRASILA: Brazil will spike during the coming months as high gasoline prices and low ethanol supplies drive up demand in the South American country, according to two traders and two brokers active in the market. The southward flow comes as a setback to Brazil’s efforts to curb foreign shipments. Its government in September slapped a 20 percent tariff on U.S. ... Read More »

S.Korea kimchi trade deficit at record high


SEOL: South Korea’s trade deficit for kimchi, or spicy pickled vegetables, hit a record high of over 47 million dollars last year. The Korea Customs Service says the country imported more than 275,000 tons of kimchi while exporting about 24,000 tons. The trade deficit in the traditional side dish was up 11 percent from the previous year and is the ... Read More »