India: Sugar import duty doubled to 100%
On February 6, 2018, the central government doubled the import duty on raw and refined sugar to 100% and raised duty on chana (chickpeas) to 40% to protect domestic farmers. At present, customs duty or import tax on sugar is 50% and that on chana is
See MoreIndia: Finance Minister presents Budget for the year 2018-19
Indian Finance Minister Arun Jaitley today disclosed its budget 2018-2019 for the fiscal year starting from 1 April 2018. The budget is largely focused on uplift of agricultural sector, along with major push to healthcare and education sectors in
See MorePakistan: Government has withdrawn sales tax and customs duty on cotton imports
On 5 January 2018, the Economic Coordination Committee (ECC) of the Cabinet approved withdrawal of sales tax and customs duty on import of cotton effective from 8 January 2018. The ECC also granted approval for issuance of GoP Sovereign Guarantee
See MoreAzerbaijan: New customs duties declare for import of wheat, rice and corn
The Cabinet of Ministers approved the “Commodity Nomenclature of Foreign Economic Activity, Rates of Import and Export Customs Duties”. According to that the customs duties for import of wheat, rice and corn will be changed from January 1,
See MorePakistan: SME and export sectors are exempted from regulatory duty
On 16 October 2017, the Federal Board of Revenue (FBR) has said that Small and Medium Enterprises (SMEs) and export-oriented units are exempted from paying regulatory duty levied through SRO 1035(I)/2017 on the import of raw material and
See MoreJersey: Draft Budget 2018 Published
The Government published the Draft Budget 2018 on October 3, 2017. This budget constructs the package of measures agreed in the Medium Term Financial Plan (MTFP), combining savings, efficiencies and revenue raising measures to enable investment in
See MoreKenya presents budget for 2017-18
The Cabinet Secretary submitted the budget for 2017-18 to the National Assembly on 30 March 2017. the main changes are summarised below: Withholding taxes Dividends paid to non-residents by enterprises operating in Special Economic Zones will be
See MoreBolivia: Amendments in customs duties
Supreme Decree 3069 was published in the Official Gazette on 1 February 2017. The Decree changes the customs duties charged on imports of electronic equipment, image and sound recording, centrifugal dryers, vacuum cleaners, monitors and projectors,
See MoreZambia: Finance Minister presents national budget for 2017
The Minister of Finance has presented national budget for 2017 to the National Assembly on 11th November 2016. The budget of 2017 highlights some important issues which are given below: Direct tax PAYE threshold increased from K3,000
See MoreAzerbaijan -New customs duty on export of copper products
In Azerbaijan, the Decree No. 2 of Cabinet of Ministers of 10 January 2017 was published in the Official Gazette (Khalgh Ghezety ) No. 28392(7) on 12 January 2017. According to the Decree, there will be new customs duty rates on the export of
See MoreKazakhstan: Customs duty rate for exported bitumen lowered
The State Legal Database has published an Order No.441 of Ministry of Economy on 4th November 2016 in Russian language, which reduces the customs duty rate from $60 per ton to $15 per ton for exported bitumen. Additionally, exported bitumen is
See MoreWTO: Trade policy review of United Arab Emirates
The World Trade Organization (WTO) conducted a review of the trade practices of the United Arab Emirates (UAE) on 1 and 3 June 2016. The review was conducted on the basis of a report prepared by the WTO secretariat. Real GDP growth in the UAE
See MoreEgypt: Requirement and procedures introduced with regards to new import registration
Additional formal requirements have been introduced by the Egyptian authorities, for importing goods into Egypt. The purpose of such requirement is to promote local production, reducing reliance on foreign imports and increasing the Egyptian foreign
See MoreRussia: Wheat export duty amended
The Russian Government has amended the method for calculating wheat export duty that was in force from 1st July 2015. The government has increased the deductible portion of the wheat export duty from 5,500 rubles ($83.9) to 6,500 rubles ($99.1)
See MoreSaudi Arabia: Investors look to new free zone in Oman
In accordance with the feedback received at a current event, Saudi investors are wished for setting up operations in the Special Economic Zone in Oman. They consider that there are lots of chances to control effectively in various economic sectors
See MoreNorway : Indirect tax has been Amended
Norway indirect tax has been amended in the revised budget which will be effective from 1st July 2014. Amendments regarding VAT: The process of deciding for taxation of the letting of immovable property has been simplified and the decision time
See MoreBrazil: Reduces Different Import Tax Rates
The Foreign Trade Chamber (CAMEX) of Brazil has declared that the 10% import duty will be cut from wheat, capital and electronic goods till 15 August 2014, and this decision came into effect from 24 June 2014. CAMEX also introduced, 2 Resolutions-
See MoreBrazil – Tax Hike on Drinks Postponed
Brazil is delaying until September 2014 a proposed rise in indirect tax on certain types of drink. The original proposal was that the tax on energy drinks, beer and some fruit juice would increase by around 1.5 percent on average from 1 June 2014.
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