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SARS goes to court to recover R200m lost through illicit tobacco trade in decade-old case

The South African Revenue Service has instituted a civil process to recover R200m it says was lost to the fiscus through the illicit tobacco trade. The tax agency’s executive head of customs and excise, Kumaran Moodley, and its acting head of digital information services technology, Intikhab Shaik, on Tuesday briefed Parliament’s Standing Committee on Finance on illicit tobacco trade. Moodley ... Read More »

Hungary accepts big penalty for mismanaging EU funds

BUDAPEST: Hungary has accepted a penalty for poorly managing funds it receives from the European Union that could cost Budapest more than 500 billion forints (£1.3 billion or $1.65 billion) in funding. Details of the penalty were set out in a document prepared by the European commissioner for neighbourhood policy’s team for a meeting of the European Parliament’s Budget Control ... Read More »

Cocaine seizures at the Port of Rotterdam skyrocket, already surpassing 2018 figures

Even with nearly two months left to go in the year, authorities at the Port of Rotterdam this year have already surpassed the record amount of cocaine caught there in 2018, according to an investigation by De Telegraaf. Some 23 thousand kilograms of cocaine was intercepted at the largest port in Europe, a 28 percent increase over the 18 thousand ... Read More »

Tesla factory outside Berlin to cost €4 billion

Tesla plans on investing up to €4 billion ($4.4 billion) in a new electric car factory near Berlin, German media reported on Sunday. The new “Gigafactory” is due to be built in the town of Grünheide outside the German capital and will be Tesla’s first European car and battery plant. The Brandenburg state government told news agency DPA that at ... Read More »

Finland’s Gasum boosts LNG business in Nordics with Linde deal

Finnish state-owned gas company Gasum said on Wednesday it had agreed to buy Linde’s liquefied natural gas (LNG) and marine bunkering business in Norway and Sweden. Gasum did not disclose the value of the deal. The assets include one LNG liquefaction plant, two LNG terminals, two LNG bunkering vessels and 48 gas filling stations. They will generate annual revenues of ... Read More »

Portugal hopes European tech investment will drive up exports

European investment in Portugal’s digital sector can help address a shortfall in equity funding for start-ups and support an export-driving technology industry, Portugal’s economy minister said. A 30 million euro fund backed by the European Investment Fund, the Portuguese government and venture capital investors was announced at the Web Summit – Europe’s largest tech conference, held in Lisbon since 2016. ... Read More »

Facing another election, Spanish economy feels effects of the stalemate

The government that emerges from Spain’s parliamentary election if one is formed at all – will have an increasingly complicated situation to deal with on many fronts, including the economic one. With the economy giving signs that the end of a cycle is near, the latest survey by the Family Business Institute shows that 16% of entrepreneurs are planning to ... Read More »

Kiwi Property half-year profit drops 24% to $36m

New Zealand’s biggest listed landlord, Kiwi Property Group, has delivered a $36.7m net profit after tax for the latest half-year, down 24 per cent on the previous $48m due to a combination of factors including falling interest rates. Net rental income fell due to the sale of North City in Porirua, funds from operations fell reflecting the impact of one-off ... Read More »

Central Bank : Brazil’s Economic Activity Grows 0.91 Percent in Third Quarter

Economic activity recorded growth in the third quarter this year, according to the Central Bank’s Economic Activity Index (IBC-Br), released yesterday by the Central Bank (BC). In the third quarter this year, the index increased 0.91 percent compared to the previous period. The result considers seasonally adjusted data for the period. In the comparison between the third quarter this year ... Read More »

Turkey’s business circles eyeing $ 30 billion in trade with Iran

Business organisations in Turkey are looking to increase the $ 9.5 billion trade volume between Turkey and Iran to $ 30 billion, President of Foreign Economic Relations Board of Turkey (DEİK) Nail Olpak said during the Business Council meeting in Iranian capital Tehran. Olpak said his organisation is working to have friendly relations between Turkey and Iran to affect the ... Read More »

Customs Today Issue 19 Nov to 25 Nov 2019

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Govt felicitates highest taxpayers

The government has honoured the highest taxpayers of the country under different categories on the occasion of the eighth National Tax Day today. The highest taxpayers were honoured also to promote the taxpaying culture. Finance Minister Yubaraj Khatiwada honoured the top companies in 15 categories amidst a programme organised by Inland Revenue Department. IRD has classified the highest taxpayers as ... Read More »

Kuwaiti MP seeks to pass draft law imposing taxes on expat remittances

A senior Kuwaiti MP has urged the government to approve a draft law to impose taxes on expat remittances. Kuwaiti MP Safa Al-Hashem, who has been appointed head of the National Assembly’s financial and economic affairs committee, said lawmakers will push to approve the bill, Kuwait Times reported. The bill, first introduced last year, was rejected by the Kuwaiti government, ... Read More »

Qatari startup raises QR9m Series A funding

Qatar-based Meddy, a doctor booking platform, has raised QR 9 Million in a Series A round to scale up its operations and expand into other GCC countries. The Series A funding round was led by New York-based Modus Capital, along with participation from 212 Capital, Qatar Science & Technology Park (QSTP), Kasamar Holdings, Dharmendra Ghai (Health Tech Angel), Innoway and ... Read More »

Iraq Falls in Doing Business Index

Iraq has been ranked 172nd out of 190 countries in the World Bank‘s recent Doing Business 2020 report, down from 171st place the previous year. Top of the list were New Zealand, Singapore and Hong Kong, with last place going to Somalia, just behind Eritrea and Venezuela. Iran ranked 127th, with Libya 186th. Doing Business 2020 is the 17th in ... Read More »

Coffee consumption up but trade prices are low

Despite a steady increase in coffee consumption around the world, trade prices have fallen dramatically in the past three years, hitting producers. At the same time, the cost of an espresso or latte remains as full-fat as ever. What’s going on? Futures on arabica and robusta, the most widespread varieties of coffee, have fallen 40 per cent since the beginning ... Read More »

Flour price down, ghee up in Kabul

KABUL (Pajhwok): The price of flour has dipped while that of ghee increased during the outgoing week in capital Kabul, market source said Saturday. Mohammad Samim, a wholesaler in Kabul’s Mandavi Market, told Pajhwok Afghan News that the price of 49… Read More »

Taiwan targets China’s fake ‘Made in Taiwan’ products

TAIPEI: Taiwan will impose heavier penalties on businesses that fake the origin of their products, after an amendment to the Foreign Trade Act was passed at the first reading in the Legislative Yuan on Monday. The amendment was pushed through to prevent Chinese exporters sidestepping tariffs introduced by the United States by illegally rerouting orders, reported CNA. Goods from China ... Read More »

Air Senegal nears tentative $730 million deal for Airbus A220s

Air Senegal is close to securing a preliminary order for eight Airbus SE A220-300 narrow-body jets, valued at about $732 million at list prices, according to people familiar with the matter. The so-called memorandum of understanding would be subject to a final contract, the people said, asking not to be named discussing non-public negotiations. No agreement has been reached and ... Read More »

President Moon to Meet with Chinese Business Leaders in December

President Moon Jae-in will meet with key business leaders from China at the Blue House on Dec. 4 as part of his efforts to lift China’s prolonged ban on Korean products. The Korea Chamber of Commerce and Industry (KCCI) told officials of major Korean companies such as Hyundai Motor and SK on Nov. 14 that a dialogue between Korean and ... Read More »