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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

Ireland’s contribution to EU budget expected to rise to €2.7bn year

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DUBLIN: Ireland’s contribution to the EU budget is expected to rise to €2.7 billion this year, the Department of Finance has confirmed. This is 35 per cent higher than the €2 billion paid in 2017 and more than double what the State paid five years ago. The department’s chief economist John McCarthy also warned this figure may rise by an additional €400 ... Read More »

20 Brazilian meat export plants banned by EU

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BRASILIA: Twenty Brazilian meat plants have been delisted by the EU following on from detected flaws in Brazil’s official control system. The 20 plants currently export meat and meat products, mainly poultry, to the EU. Delisting the 20 plants will see their authorisation to export to the EU removed. Once the measure to delist the plants is published in the ... Read More »

Afghan aid encouraged corruption harmed local businesses

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Some of the findings of the report, Private Sector Development and Economic Growth: Lessons from the U.S. experience in Afghanistan: Afghan private sector development efforts didn’t reflect the reality of the country’s economic and security environment, the capacity of its institutions, its relations with its neighbors, or the impact of corruption. Optimistic projections for the pace and level of progress ... Read More »

UAE firms team up to invest in Jordanian fashion giant

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AMMAN: The investment will enable Classic Fashion Apparel to enter the next stage of its development, accelerating the expansion of production facilities, a statement said.  Founded in 2003, Classic Fashion Apparel has achieved significant growth and is now a recognised global industry player, with an annual turnover of over $450 million, it added.  The company has longstanding relationships with global ... Read More »

Nepal’s airport shut after Malaysian plane skids off runway

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KATHMANDU: Nepal’s only international airport on Friday remained shut after a Kuala Lumpur-bound Malaysian airline Malindo Air flight skidded off the runway. Tribhuvan International Airport in Kathmandu confirmed that the aircraft was towed away from the grassland to the runway and now is in the parking area, reported the Kathmandu Post. The jet skidded to a halt on grassland and came to a stop in mud about 100 ... Read More »

Apricots arrive early amid unfair Spain competition

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MADRID: Solédane apricots, from the Roussillon region, have matured in abundance this year, and have arrived early due to near-perfect weather conditions. They are described as large, nicely rounded, and full of sweet, sunshine-ripened flavour. More are expected from the Drôme, Vaucluse and Gard departments in the coming weeks. Yet, despite the good season, producers say that their crop is ... Read More »

Portugal considers Mercantile Bank short list

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LISBON: Given the Reserve Bank’s preference for a “shareholder of reference”, the buyer is likely to have deep pockets. However, other banks may be precluded due to competition issues. Caixa, which has been Mercantile’s sole shareholder since it delisted in 2012, is Portugal’s largest bank by assets. The sale of Mercantile and other banking assets globally was a European Central ... Read More »

Rights groups press Greek government on migrant ruling

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ATHENS: Rights groups on Thursday pressed the Greek government to comply with a court ruling to allow migrants to move freely within Greece instead of being confined to six Aegean islands. The Greek section of Amnesty International and local group SolidarityNow also called for the ruling by Greece’s top administrative court to be made retroactive so that some 15,000 migrants ... Read More »

Omani Sudani business officials hold trade talks in Khartoum

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MUSCAT: A series of top-level B2B meetings began in Khartoum, Sudan between Omani exporters and Sudanese businesses, on Wednesday. Led by Ithraa, Oman’s inward investment and export development agency, a 15-member strong delegation of exporters are meeting with importers and distributors. ‘The trade mission is about increasing the profile of Oman in Sudan and developing trade and business opportunities across ... Read More »

Qatar non-oil exports at R5.6bn in 1 despite embargo

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DOHA:  Qatar’s non-oil exports for the first quarter of 2018 touched QR5.64bn, up 15.1 percent or QR4.9bn, compared to the same period in 2017, according to the monthly report of Qatar Chamber as reported by the Peninsula. According to the Chamber, in March, Qatar exported goods and services to about 57 countries, including 11 Arab countries and GCC, 10 European ... Read More »

Iraq launches airstrikes on ISIS positions in Syria

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BAGHDAD: Iraq has officially launched air strikes on Islamic State of Iraq and Syria (ISIS) strongholds in Syria on Thursday. According to Russia Today, strikes were launched in coordination with the Syrian government. “According to the orders of the commander-in-chief of the armed forces, Dr. Haider Al-Abadi, our heroic air force carried out, on Thursday, in Syria near Iraqi border deadly air strikes against Daesh’s Terrorists gangs,” Iraqi Prime Minister’s office tweeted on ... Read More »

New Italy forecasts to raise 2018 GDP growth to 1.6 percent government sources

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ROME:  Italy will slightly raise its forecast for economic growth this year to 1.6 percent from 1.5 percent when the Treasury issues new projections next week, government sources have told Reuters. The forecast for 2019, on the other hand, will be lowered to 1.4 percent from 1.5 percent currently, the sources said, due to the negative effect on the economy ... Read More »

Germany investor morale tumbles as trade war worries grow

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BERLIN: The reasons for this downturn in expectations can mainly be found in the international trade conflict with the United States and the current situation in the Syrian war,” ZEW President Achim Wambach said. “The significant decline in production, exports and retail sales in Germany in the first quarter of 2018 is also having a negative effect.” A separate gauge ... Read More »

New Zealand makes good on R&D tax incentive promise

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WILLING TON: New Zealand can factor in overseas research and development expenses when a new 12.5 percent tax credit takes effect, part of the country’s ambitious plan to attract and boost businesses. The new research and development incentive will apply to businesses incurring relevant expenditures starting on April 1, 2019. The creation of the incentive was foreshadowed by the Labor Party in ... Read More »

Travellers departing Japan to be charged US$9 sayonara tax

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TOKYO: Japan, by air or by sea, will have to pay a so-called sayonara tax of 1,000 yen (about US$9), unless in transit for less than 24 hours. This is likely to be added to your airfare during purchase, so you probably won’t notice it unless flying with a low-cost carrier, such as HK Express, in which case it could ... Read More »

Egypt’s exports towards South Africa grew by 69% in 2017

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 CAPE TOWN:  South Africa surged by 69% in 2017, the Egyptian trade minister Tarek Qabil (photo) announced last week. Let’s note that although imports fell by 14% ($181 million in 2017 against $210 million in 2016), trade deficit between the two countries decreased to $46.5 million in 2017 from $150.8 million in 2016. Egyptian authorities also hope to boost trade exchanges with other African ... Read More »

France’s oil major getting ready for an electric future

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PARIS: France’s oil major is stepping up its power business, replicating the strategy of European peers as the global shift toward cleaner energy gathers pace. Total SA agreed to buy Paris-based utility Direct Energie, adding 2.6 million electricity and gas customers in France and Belgium. The deal puts Total in a stronger position to lure households away from market leaders ... Read More »

Switzerland and Cameroon to find a solution to double taxation of companies operating in both countries

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ZURICH: During the inauguration of Nestlé Cameroon’s new production unit on April 12, 2018, in Douala, Pietro Lazerri, the Swiss ambassador to Cameroon informed that his country and Cameroon would initiate discussions to find a solution to the double taxation of companies operating in both countries. The diplomat explains that such solution will boost those companies competitively. Indeed, according to ... Read More »

Norway and Indonesia talk about trade & protectionism

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OSLO: Norwegian parliament voted to ban domestic use of palm oil-based biodiesel in a bid to protect the climate and rain-forests. The parliament urged the Norwegian government to seek environmentally friendly alternatives to fossil fuels. This desire emerged after a report, released by Rainforest Foundation Norway, showed that palm oil-based biofuel is actually worse for the global climate than the ... Read More »

Ukraine imports 1.1 bcm of gas worth $313 mln in Jan Feb

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KIEV: Ukraine in January-February 2018 imported 1.145 billion cubic meters (bcm) of natural gas for a total of $313.366 million, according to the State Statistics Service. Thus, the average price of gas imported by the country in February 2018 was $261.1 per 1,000 cubic meters against $279.4 in January 2018. Ukraine received 402.562 million cubic meters of gas for $107.517 ... Read More »