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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

‘No chance of Italexit’: Italy is not leaving the EU or the euro, PM insists

(From L) Italy's Deputy Prime Minister and Minister of Economic Development, Labour and Social Policies, Luigi Di Maio, Italy's Prime Minister, Giuseppe Conte and Italy's Deputy Prime Minister and Interior Minister, Matteo Salvini attend a press conference following a Cabinet meeting on the country's draft budget, prior to its submission deadline to the European Commission on October 15, 2018 at Palazzo Chigi in Rome. (Photo by Filippo MONTEFORTE / AFP)

Italy will not leave the European Union or abandon the euro, Prime Minister Giuseppe Conte said on Monday amid a standoff with Brussels over the populist government’s big-spending budget. “Read my lips: for Italy there is no chance of Italexit, to get out of Europe or the eurozone,” Conte told journalists in Rome after the European Commission voiced serious concern ... Read More »

Six charged with smuggling 400 kilos of gold

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Six men must appear before the Oslo District Court, accused of smuggling a total of 397 kilograms of gold into Norway. The gold is valued at approximately NOK 143 million. The accusation states that two of the six defendants together have imported or facilitated the import of 397 kilograms of gold into Norway. They did not report the gold to ... Read More »

Indonesia’s state-owned surveyor eyes Vietnamese market

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State-owned surveyor PT Surveyor Indonesia is looking into the possibility of entering Vietnam next year, following in the footsteps of state-cement producer PT Semen Indonesia (SI). PT Surveyor Indonesia president director Dian M. Noer said he had been inspired by Semen Indonesia’s successful expansion into the country, which began when it acquired majority shares of a Vietnamese cement factory in ... Read More »

Albania arrests 27, targets gangs smuggling drugs to Germany

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Albanian police arrested 27 people and seized narcotics and weapons on Sunday during a crackdown on gangs smuggling heroin into Germany, authorities said. More than 1,500 officers raided properties across the country, which has promised to boost its crime-fighting efforts as part of its bid to join the European Union. Days earlier, police raided a heroin lab in the mountainous ... Read More »

Belgium smashes human trafficking ring ‘smuggling migrants into Britain’

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Ten people were arrested during raids in the Brussels region. Three were released without charge while the remaining seven – all male – were placed in pre-trial detention. All have since been officially charged with offences relating to “human trafficking within the framework of a criminal organisation,” the Brussels public prosecutor’s office said in a statement. The trafficking ring was ... Read More »

Growers left out of pocket over ‘complex’ fuel tax rebate system

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Farmers should be able claim back the regional fuel tax for on-farm vehicles and machinery using diesel. However, Horticulture NZ chief executive Mike Chapman said the rebate system was far too complicated and costly. Mr Chapman said on 9 October an online rebate system was launched by the New Zealand Transport Agency, but the situation had not improved. Growers were ... Read More »

Brazil’s Chamber of Deputies Approves Pending Protocol to Tax Treaty with Argentina

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Brazil’s Chamber of Deputies (lower house of congress) approved for ratification the pending protocol to the 1980 income tax treaty with Argentina. The protocol, signed (previous coverage), is the first to amend the treaty and provides for several changes, including in relation to the treaty provisions resulting from the BEPS project, as well as new withholding tax rates for dividends, ... Read More »

Korea Bought $640 Million in Luxury Goods From China in 2017

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SEOUL: North Korea imported at least $640 million worth of luxury goods from China last year, in defiance of UN sanctions outlawing such trade over North Korea’s nuclear and missile programmes, a South Korean lawmaker said. The United States has urged strict implementation of sanctions as part of a “maximum pressure” campaign which Washington has credited with bringing impoverished North ... Read More »

Gold smuggling on rise along India-Myanmar border: Report

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High import duties coupled with an increasing gap in gold prices between India and Myanmar have led to an upsurge in smuggling of the yellow metal across the international border, a report compiled by anti-smuggling unit of Imphal customs division has said. Manipur shares a 398-km-long porous international border with the neighbouring country. An official of the customs division feels ... Read More »

Local markets off to a good start this week

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MANILA: Risk-on sentiments prevailed in local markets at the start of the trading week, lifting the Philippine Stock Exchange index (PSEi) and helping the peso keep its ground amid an invigorated US dollar. The main equities gauge rose 1.18 percent, or 84.64 points, to 7,236.16 points, which Landbank market economist Guian Dumalagan traced to positive sentiments ahead of the earnings ... Read More »

Japan’s Abe heads to China looking for economic common ground

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TOKYO: Japan’s Prime Minister Shinzo Abe makes a rare trip to China this week hoping improved relations will lead to new economic partnerships, as the 2 countries come under US pressure on trade. The visit is the first by a Japanese premier since 2011 and is part of a years-long process of repairing ties in the wake of a disastrous ... Read More »

World Bank Raises Thai Growth Forecast To 4.1pc

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The World Bank has revised up Thailand’s economy growth this year to 4.1 per cent from its previous estimate of 3.6 per cent given the country’s robust performance. The bank has also revised up its forecast of Thailand’s economy in the year 2019 and 2020 to 3.8 per cent for both years, up from its previous estimate of 3.5 per ... Read More »

Is SA ready for foreign investment?

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JOHANNESBURG: The Infrastructure Research Development Centre (IRDC) on Monday said that relying on foreign investment for economic development always comes at a price, and that South Africa should prepare itself as it is on a quest for investment. President Cyril Ramaphosa will this week convene the inaugural South Africa Investment Conference where representatives of government, business, and labour will meet ... Read More »

Four arrested in dark web drug bust; cocaine, pills sent by post

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The police busted a drug network in Brunssum, Limburg. Four men were arrested for trading drugs on the dark web, and sending drugs all across the world through the regular postal service, the Public Prosecutor announced. This investigation was launched after PostNL found drugs in packages during a drug check. According to the Prosecutor, the suspects had clients all over ... Read More »

Danske Bank’s choice of CEO blocked by Danish regulator

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Danske Bank, which is reeling from a €200bn ((£176bn) money-laundering scandal, was dealt another humiliating blow on Wednesday when the Danish financial regulator blocked its candidate to become chief executive. The Danish Financial Supervisory Authority (FSA) intervened to stop the appointment of Jacob Aarup-Andersen, warning that the internal candidate did not have enough experience to lead the country’s biggest lender, ... Read More »

Destined to India, 27 held with drugs in Herat

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HERAT CITY: Twenty-seven people have been arrested over allegedly attempting to smuggle heroin to India at the international airport in western Herat province, an official said. Mohammad Nasi rNeknam, border police commander at the airport, told at a press conference in Herat City, the detainees were captured in seven separate incidents, trying to smuggle heroin to India. He said the ... Read More »

Foreign investors oversold NT$41.45 billion Oct.15-19

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TWSE announced Monday that the securities net oversold position by foreign investors was NT$41.45 billion during the week of Oct. 15~Oct. 19, 2018. This represented the difference between NT$155.06 billion securities bought and NT$196.51 billion securities sold. The accumulated net oversold position by foreign investors, during the period year to Oct. 19, 2018, was NT$ 277.62 billion. This represented the ... Read More »

UAE’s tax refund scheme for tourists to launch on Nov 18

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Dubai : The Federal Tax Authority (FTA) announced on Monday that its Tax Refund for Tourists Scheme will go into effect on November 18. The first phase of the scheme, which allows tourists to request refunds of the VAT incurred on their purchases, will see the digital system implemented at Abu Dhabi, Dubai and Sharjah International Airports. As of mid-December, ... Read More »

India, Iran working on rupee-rial facility for Chabahar port

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Iran : importance of Chabahar port project for both Iran and India, saying that the two countries were working out ways to sidestep the US sanctions. According to Islamic Republic News Agency (IRNA) on Sunday, the ‘Hindu business line’ noted, “India is weighing a rupee-rial payment mechanism for the Chabahar project in Iran as it weaves a way around the ... Read More »

In 2017, Kim spent millions on luxury goods from China:lawmaker

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SEOUL:North Korea imported at least $640 million (72 billion yen) worth of luxury goods from China last year, in defiance of U.N. sanctions outlawing such trade over North Korea’s nuclear and missile programs, a South Korean lawmaker said on Monday. The United States has urged strict implementation of sanctions as part of a “maximum pressure” campaign which Washington has credited ... Read More »