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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

US tax cuts to hit Israeli tax collection hard

tax m

WASHINGTON: Tax experts warn that President Trump’s corporate tax cut will spark an exodus of revenue from Israel. The decision of President Donald Trump to cut the US business tax rate to 15% could have a profound impact on Israeli companies. Beneli Tax Boutique CEO Adv. Ilan Ben-Eli said, “Cutting the business tax will have a dramatic impact on the ... Read More »

Saudi Arabia offers Azerbaijan to jointly invest in third countries

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RIYADH: Saudi Arabia offers Azerbaijan to jointly invest in third countries, Minister of Energy, Industry and Mineral Resources of the Kingdom of Saudi Arabia Khalid Abdulaziz Al-Falih said. The Saudi Arabian minister made the remarks at a meeting with Azerbaijani Energy Minister Natig Aliyev in Baku Apr. 26. Khalid Abdulaziz Al-Falih said that today Saudi Arabia and Azerbaijan can hold ... Read More »

Saudi Arabia seen losing market share to Iran, Iraq on oil cuts

oil

RIYADH: Saudi Arabia, the world’s biggest crude exporter, is losing market share to Iraq and Iran as a result of OPEC’s agreement to curb supplies to bolster prices, according to the head of research at Abu Dhabi Investment Authority. “If you’re talking about winners, you can count Iran and Iraq,” Christof Ruehl said Wednesday at a conference in Dubai. The ... Read More »

Russia’s inflation gains pace ahead of central bank rate meeting

Finland inflation highest since Sep-2014

MOSCOW: Russian consumer prices rose 0.2 percent in the week to April 24, gaining pace ahead of a central bank rate-setting meeting, data from the Federal Statistics Service showed on Wednesday. Once persistently high annual inflation is now hitting all-time lows, slowing towards the central bank’s ultimate target of 4 percent. But the latest spike in consumer prices challenges the ... Read More »

Russia to launch LNG-fueled oil tankers

LNG export

MOSCOW: When Russia’s biggest tanker operator launches four new vessels next year, they won’t just be carrying oil to northern Europe but the hopes of the liquefied natural gas industry. Sovcomflot’s Aframax ships, capable of shifting 600,000 barrels of oil through the icy waters of the Baltic Sea to the port of Rotterdam, will be the first tankers run on ... Read More »

Customs seizes counterfeit auto parts

auto parts

SHANGHAI: The city has seized about 270,000 pieces of counterfeit auto parts since 2016 following 14 cases of intellectual property rights infringement cases. Shanghai customs authorities said yesterday that the counterfeit parts were valued at 2.32 million yuan (US$336,775). The authority found a batch of 64,000 counterfeit spark plugs that were scheduled to be exported at the end of last ... Read More »

China tax cuts to inject new energy into equity markets

Bangladesh frozen food exporters seek tax cut in upcoming budget

BEIJING: Hong Kong’s stock market regained its momentum last week after consolidating for a while in mid-April. Was the strong performance spurred by investor relief over the results of the first round of the French presidential election, or by China’s firm economic data for the first quarter? In my opinion, the massive tax cut plan announced by the State Council ... Read More »

Customs Dealers rush for vehicle terminal N50m bond license

customscode

ABUJA: The Public Relations, Nigeria Customs Service (NCS), Mr. Joseph Attah, on Wednesday revealed that dealers have started rushing to indicate interest to operate the N50 million bonded vehicle terminals. Speaking with journalists in Abuja, he said “Yes. A lot have indicated interest and the process is on-going.” According to him, the Service was ready to begin issuance of the ... Read More »

Nevada gambling revenue jumps almost 7.5% in March

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LAS VEGAS: State regulators say Nevada gambling revenue increased almost 7.5 percent in March from the same time last year. The Nevada Gaming Control Board on Wednesday reported that casinos brought in more than $991 million last month. Basketball bettors and slot players are among those who influenced casino revenues. Las Vegas Strip gambling revenues were up 8 percent to ... Read More »

Bosnia’s annual inflation speeds up in March

Inflation up

SARAJEVO: Bosnia and Herzegovina’s annual inflation rate rose to 1.4% in March from 1.2% a month earlier, data from the country’s statistical office showed on Wednesday. Inflation reflected an increase in the prices of food and non-alcoholic beverages by 0.3%, alcoholic beverages and tobacco by 4.2%, housing, water, electricity, gas and other fuels by 1.7%, health by 0.4%, education by ... Read More »

Unemployment down across Massachusetts in March

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BOSTON: Local unemployment rates decreased in 23 labor-market areas and increased in one area in the Commonwealth during the month of March, the Executive Office of Labor and Workforce Development reported. Compared to March 2016, the rates were down in all 24 labor-market areas. All 15 areas for which job estimates are published recorded seasonal job gains in March. The ... Read More »

Telia Denmark lifts Q1 sales 3.5% as equipment sales grow

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COPENHAGEN: Denmark’s Telia Company said that net sales in Denmark in reported currency rose by 5.9 percent in the first quarter to SEK1.48 billion from SEK1.40 billion. In local currency excluding acquisitions and disposals, net sales grew by 3.5 percent, thanks mainly to increased equipment sales. Mobile consumer segment growth was almost fully offset by pressure in the business division. ... Read More »

Germany claims to narrow large trade surplus

trade surplus

BERLIN: The German government upgraded its economic forecast for 2017 slightly Wednesday, saying that strong domestic consumption would increase growth and bring down its much-criticized trade surplus. Europe’s largest economy should expand by 1.5 percent this year, Economy Minister Brigitte Zypries told journalists in Berlin, slightly more than the 1.4 percent predicted in January. She left unchanged the government forecast ... Read More »

Belgium Telecom Company BICS to Buy TeleSign for $230m

Belgium Telecom Company BICS

BRUSSELS: TeleSign Corp. of Marina del Rey, a developer of user authentication software, announced on Tuesday that it had agreed to be acquired for $230 million in cash by telecommunications company BICS of Belgium. The deal is expected to close in the third quarter of this year after regulatory review. TeleSign will continue to operate independently under its own name ... Read More »

New Zealand tax predictability is key to driving investment

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WELLINGTON: New Zealand’s tax policies are seen as relatively straight forward, consistent and predictable compared to other countries in the region, according to a Deloitte survey released yesterday. The third edition of Deloitte’s Asia Pacific Tax Complexity Survey, entitled Shifting sands: risk and reform in uncertain times, highlights key tax trends facing businesses operating in the region. It surveyed 331 ... Read More »

Brazil’s federal tax revenues fall 1.16% in March

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SAO PAULO: Brazil’s federal tax collection fell 1.16 percent in March from the same month a year ago after adjusted for inflation, the country’s tax agency said on Wednesday. In March, the country collected 98.994 billion reais ($31.20 billion) in federal taxes. Economists forecast 101 billion reais in revenues, according to the median of 16 estimates in a poll.   Read More »

South Korea, India ink accord to avoid double taxation

South Korea, India

SEOUL: South Korea’s top tax official and his Indian counterpart agreed to avoid double taxation between the two countries, the government said Wednesday. National Tax Service chief Lim Hwan-soo and India’s Revenue Secretary Hasmukh Adhia also agreed to create stable tax conditions for investments during their meeting in Seoul, according to the NTS. The bilateral double taxation avoidance pact was ... Read More »

Thai police arrest another Malaysian, suspected to be key member of drug syndicate

Thai Police

BANGKOK: Thai authorities arrested another Malaysian man suspected to be a key member of a drug syndicate at the busy Suvarnabhumi International Airport on Monday evening before he could board a flight back to Malaysia. The man, from Penang was nabbed following surveillance by Thai authorities over his alleged role in two failed attempts to smuggle drugs into Malaysia early ... Read More »

Indonesia-Philippines talks to fortify new trade route

Indonesia Philippines

JAKARTA: President Joko “Jokowi” Widodo is expected to try and fortify maritime security cooperation with the Philippines during bilateral talks this week, ahead of the launch of a lucrative trade route that aims to boost connectivity along the borders of the neighboring countries. Jokowi will embark on a state visit to the Philippines on April 28 and will meet with ... Read More »

SARS Intercepts counterfeit goods, drugs worth R10.29m

drugs

JOHANNESBURG: Counterfeit goods and drugs with a combined value of over R10,29 million were seized at OR Tambo International airport on Saturday and Sunday, officials said. Customs officials opened various consignments from Hong Kong destined for different suburbs in Gauteng when the illicit goods were discovered, the South African Revenue Service (SARS) said in a statement on Tuesday. Cell phones, ... Read More »