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Author Archives: CT Report

Philippines exports dip 3.9% in Jan

MANILA: Merchandise exports fell 3.9 percent in January, extending its decline for the 10th consecutive month on lower earnings across major commodity groups, the Philippine Statistics Authority (PSA) reported yesterday. Philippine exports have been on the decline since April 2015. The National Economic and Development Authority (NEDA) said the export sector is in for a bumpy ride this year due ... Read More »

Rajesh exports dip on heavy volumes

WASHINGTON: ajesh Exports has dipped 13% to Rs 562 on the National Stock Exchange (NSE) in intra-day trade on the back of heavy volumes.  The trading volumes on the counter more than doubled with a combined 916,439 shares changed hands on the NSE and BSE till 11:22 AM. Rajesh Exports, the largest gold jewellery manufacturer in the world and the country’s ... Read More »

Member Dr Irshad urges KP traders, TBA to help increase govt revenues

PESHAWAR: Member Inland Revenue (Operations) Dr Mohammad Irshad has visited the Regional Tax Office (RTO) and called on the local business community and members of Peshawar Tax Bar Association. The Member (IR) operations urged the members of Khyber Pakhtunkhwa Chamber of Commerce & Industry (KPCCI) and tax bar to cooperate with the FBR for improving government revenues. Representatives of Tax ... Read More »

Half of Greeks are in debt to the tax authorities

ATHENS: Expired debts to the state soared 14 percent year-on-year to 86.3 billion euros in 2015. This is partly due to the high taxes in recent years, with many taxpayers no longer able to meet their obligations to the state. However, it is just a few thousand taxpayers that owe the lion’s share of the debts. Data from the General ... Read More »

Hungary planning to convert voucher system

BUDAPEST: The government is in talks with representatives of employers on how to retain some of the benefits of the current voucher system which is to be scrapped from next year, cabinet chief Antal Rogán said here the other day. Noting the European Union’s censure of Hungary’s unified voucher system, Prime Minister Viktor Orbán recently said a solution would be ... Read More »

Vietnam exports 52,035 mt of natural rubber in Feb

HANOI: Vietnam exported 52,035 mt of natural rubber in February, surging 33% from 39,118 mt in the same month last year, data released Monday by Vietnam Customs showed. The exports in February were worth $57.7 million, up 4.2% on year. The average export price of Vietnamese natural rubber in February was estimated at $1,250/mt, down 19.2% on year, the Vietnam ... Read More »

Abdul Waheed Marwat takes charge as I&I Additional Director

ISLAMABAD: Abdul Waheed Marwat, a Pakistan Customs Service officer of BS-19, has assumed the charge of the post of Additional Director, Directorate General Intelligence and Investigation-FBR. The officer, in pursuance of Board’s Notification. 0644-M-II/2016 dated 07.03.2016, relinquished the charge of the post of Additional Collector, Model Customs Collectorate, Islamabad, with effect from March 11. Read More »

Japan offers to buy 149,550 tons food wheat via tender

TOKYO: Japan’s Ministry of Agriculture is seeking to buy 149,550 tonnes of food quality wheat from the United States, Canada and Australia in a regular tender that will close late on Thursday. Japan, the world’s sixth-biggest wheat importer, keeps a tight grip on imports of the country’s second most important staple after rice and buys the majority of the grain ... Read More »

Investments down by 30% in 2015: AISA

KABUL: The Afghanistan Investment Support Agency (AISA) on Tuesday said the country’s exports increased by eight percent, but investments decreased by 30 percent in 2015. AISA chief Qurban Haqju told a press conference here that Afghanistan’s economic growth in 2015 had been estimated by the government, the World Bank and the International Monetary Fund (IMF) at 5-6 percent. But the ... Read More »

Iran needs to cut a deal with Gulf’s oil producers

TEHRAN: The Emirates Policy Centre organised a workshop in Abu Dhabi last week on the latest developments emerging out of Iran following the signing of the nuclear deal and the recent completion of legislative elections. Undoubtedly, these will have significant repercussions that would further impact on the situation locally and across the regional. Although Iran’s political situation topped the agenda ... Read More »

Altice Lifts profit as it stems French sales decline

PARIS: Altice NV, the telecoms group buying Cablevision Systems Corp. for $10 billion, said Tuesday it expects an improving trend in revenue in 2016 after its French unit swung to subscriber growth in the final three months of last year. The company, founded by billionaire entrepreneur Patrick Drahi, reported flat revenue year-over-year at €17.5 billion. Its French mobile phone and ... Read More »

Ireland tourism revenue up to €4.2bn

DUBLIN: A record 8.6 million people visited Ireland from overseas last year, marking an “exceptional” year for Irish tourism. The total revenue for the Irish tourism sector in 2015 was €4.2 billion while spending by overseas visitors – excluding aircraft fares – rose by 18.6 per cent compared with 2014. The number of holidaymakers visiting Ireland rose by 20.4 per ... Read More »

Indian’s Cashew Export Council against import duty withdrawal

NEW DELHI: On Wednesday 9 March the administrative committee of the Cashew Export Promotion Council of India (CEPCI) declared their opposition to the withdrawal of the 5 per cent duty on import of raw cashew nuts imposed in the 2016-2017 Union Budget. According to CEPCI chairman P. Sundaran, the duty is beneficial to genuine nut processors and exporters. He considers ... Read More »

Deputy Director (MIS) Amir Ali transferred

ISLAMABAD: Amir Ali, System Analyst/Deputy Director (MIS) (BS-18), presently posted at Directorate of Post Clearance Audit, Karachi, has been transferred and posted to Regional Tax Office, Karachi with immediate effect. According to the notification, if the officer is drawing performance allowance he will continue to draw the same on his new place of posting. Read More »

Canada Revenue offered amnesty to wealthy KPMG clients in offshore tax ‘sham’

OTTAWA: The Canada Revenue Agency offered amnesty to multi-millionaire clients caught using what’s been called an offshore tax “sham” on the Isle of Man — a reprieve that was supposed to remain secret and out of the public eye until it was uncovered by a CBC News/Radio-Canada investigation. Canada Revenue officials demanded, and offered, secrecy in a no-penalty, no-prosecution deal ... Read More »

Amir Zada assumes charge as Statistical Officer

ISLAMABAD: Amir Zada, an officer of DR&S (Ex-Cadre), has assumed the charge of the post of Statistical Officer, Directorate of Research & Statistics, Islamabad. The officer, in pursuance of Board’s notification NO. 0637-IR-III/2016 dated 03.03.2016, relinquished the charge of the post of superintendent (BS-17) on March 03. Read More »

Addl Commissioner-IR Wali’s performance allowance restored

ISLAMABAD: Performance allowance in respect of Wali Muhammad Shaikh, a BS-18 officer of Inland Revenue Service, has been restored. The performance allowance (equivalent to 100 per cent of basic pay) in respect of the officer, presently posted as Additional Commissioner-IR (OPS), Regional Tax Office, Hyderabad, has been restored with effect from with effect from March 14. Meanwhile, Palwasha Syed, a ... Read More »

Foreign investment into Thailand falls 90% in 2015

BANGKOK: Thailand saw a huge plunge in the value of foreign investment in 2015, mostly due to changes to its foreign investment rules, implemented in January last year. This will likely add to the country’s already sluggish economy, since investment accounts for about 50% of Thailand’s total domestic investments. According to the latest statistics by Thailand’s Board of Investment, investment applications ... Read More »

South Africa’s finance minister risks facing legal action

CAPE TOWN: The Finance Minister has been involved in a public spat with police investigating his role in the establishment of a spy unit within the South Africa revenue service. Following the statement, the rand fell more than three percent to the dollar while government bond yields jumped more than 30 basis points Investors fear that Gordhan’s job is in ... Read More »

SL exports to Thailand fall to $54mn in 2014

COLOMBO: Sri Lanka’s total exports to Thailand will continue to decline as the total value of Sri Lanka’s largest export to Thailand, gems and jewellery declined significantly over the last two years, Minister of Primary Industries Daya Gamage said. Minister Gamage was addressing the Business Forum organized by the Export Development Board recently . Minister Gamage said Thailand is Sri ... Read More »