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Author Archives: ghadia

Indian CBI seeks help from customs in complex cases

NEW DELHI: Indian Central Bureau of Investigation (CBI) wanted help from customs department to investigate complex cases including financial crimes. CBI Director, Anil Sinha, has written to Central Board of Excise and Customs (CBEC) seeking nominations of eligible officers. The agency, which is entrusted with probe of various economic offences, lacks officers with expertise in taxation and accounting-related matters which are ... Read More »

Denmark to provide $90m aid to help Afghanistan economy

KABUL: Foreign Minister of Denmark, Mr. Martin Lidegaard, said that Denmark will provide $90 million annual aid to Afghanistan till 2017 to enhance Afghan economy. The commitment was made last week by the Foreign Minister of Denmark, Mr. Martin Lidegaard, who met with his Afghan counterpart Zarar Ahmad Osmani. He said, “The security and stability in Afghanistan is of importance ... Read More »

Iran’s direct tax income hits 49% to $15.312b

TEHRAN: Director of Iranian National Tax Administration, Ali Askari, said that Iran’s direct tax income rose 49 percent to $15.312 billion (520 trillion rials) during the first eleven months of the current Iranian calendar year (March 21, 2014- February 19, 2015). In December 2014, Askari said Iran’s direct tax income is forecast to reach 720 trillion rials (about $21.201 billion) ... Read More »

Philippines customs tightens scrutiny of transshipments

MANILA: Philippines customs has tightened its scrutiny of transshipment entry by using e2m system at various ports of country. Customs Commissioner, John Phillip P. Sevilla, issued a release, Customs Memorandum Order No. 07-2015 on last March 9 that “Upon arrival of all of cargo which is the subject of a transshipment entry to its port of destination, the deputy collector for operations ... Read More »

Oman’s MSM30 Index down 0.68 % to 6,258.09pts

MUSCAT: Oman’s MSM30 Index down 0.68 percent to closed at 6,258.09 points yesterday and MSM Sharia index also down by 0.63 percent to end at 976.57 points. United Finance was the most active in terms of volume as well as turnover. United Finance, up by 5.80 percent, was the top gainer, while Al Hassan Engineering, down by 5.74 per cent, ... Read More »

UAE doubles number of vehicles in last eight years

DUBAI: Roads and Transport Authority reported UAE had doubled number of vehicles in last eight years, giving the Gulf emirate more cars per person than New York or London. The bustling city state now has 1.4 million vehicles for 2.4 million people, equivalent to 540 for every 1,000 people, according to the Roads and Transport Authority data. That compares with ... Read More »

Saudi Arabia’s index falls 2% to 9,438pts in broad sell-off

RIYADH: Saudi Arabia’s stock index fell 2 percent to 9,438 points in a broad sell-off and petroleum sector dropped 2.6 percent within two months as oil prices extended their slide. The earnings of petrochemicals producers, which constitute the biggest sector on Saudi Arabia’s stock market, have been hit hardest by oil’s sustained fall as their sales prices are often linked ... Read More »

Russian MPs suggest raise in Income Tax

MOSCOW: Russian communist party lawmakers suggested raising Russia’s flat rate income tax to 16 percent from current 13 percent. The bill, introduced to parliament by Communist Lawmaker, Nikolai Ryabov, drew a flurry of ridicule on Russia’s social networks after the government’s press release issued. “Making people pay three (percentage points) more in taxes during a crisis, when store prices have ... Read More »

China customs foils bid to smuggle soybean worth $869.50m

BEIJING: China customs foiled an attempt of soybean smuggling worth $869.50 million (5.46 billion Yuan) in Qingdao city last year. The official said in a report that a trading company was suspected of smuggling soybeans after customs officials assessed soy prices for potential risk, but it did not name the company involved. The case came to light after the customs ... Read More »

Shanghai inflation up 2.6% in Feb: Shanghai Statistics Bureau

SHANGHAI: Shanghai Statistics Bureau reported that Shanghai’s inflation grew 2.6 percent from a year earlier in February, sharply up from January’s gain of 1.8 percent and more than national average of 1.4 percent. Seasonal factors were blamed for the sharp acceleration as the Chinese New Year started in February this year while it began in January last year, the bureau ... Read More »

Oman customs seizes 86 smuggled goods at border

MUSCAT: Oman General Administration of Customs has seized 86 smuggled goods, comprise furnishings, electronics and garments on a truck at the border. A Customs officer said that seized items include 20 cigarette cartons containing 1,000 packets, 16 cartons of chewing tobacco weighing 416 kilograms, 20 boxes of nuts and 30 boxes of olive oil, which were not listed in the ... Read More »

Oman’s stock market to see 35% in two initial share sales

MUSCAT: Director General of the Muscat Securities Market (MSM) said that Oman’s stock market is likely to see 35 percent in two initial share to public in IPOs worth a combined OMR62.7 million ($162.9 million). “We are expecting some initial public offerings (IPOs) this year, and two may happen by summer,” said Ahmed Saleh Al Marhoon on the sidelines of ... Read More »

China Customs recovers 3kg ketamine, arrests woman smuggler

BEIJING: China Customs arrested a 29 years old woman who was trying to smuggle 3 kilogram of ketamine at Lo Wu border checkpoint when she returned to the city from Shenzhen. It’s the fourth case involving cross-border smuggling in 10 days. Calvin Chan Ching-yuen, head of the customs drug investigation group, said that during the inspection, officers found 3kg of ... Read More »

Iran invites British companies to grab oil, gas opportunities

TEHRAN: Chairman of the Iran-UK Parliamentary Friendship Group, Abbas Ali Mansouri Arani, said that Iran invited British companies to invest in Iran’s oil and gas project. He also said that in addition to the oil and gas sector, infrastructures are provided for foreign investment in mining and transportation projects. Arani made the remarks on March 10 in a meeting in ... Read More »

Russia’s foreign trade deficit falls 20% to $4.1 bln in Jan

MOSCOW: Federal Customs Service of Russia reported that Russia’s foreign trade deficit has fallen 20.1 percent to $4.1 billion in January 2015, year on year drop of $16.3 billion. Russia’s foreign trade declined by 33.9% in January as compared to the same month of the previous year to $39 billion, the customs data suggested. Russia’s exports fell by 30.3% in January ... Read More »

UAE introduces new API system to tighten security at airport

DUBAI: UAE has introduced a new Advanced Passenger Information (API) system to tighten security at country’s airports. Speaking on the sidelines of the Future of Borders event in Dubai, Laila Hareb Al Muhairi, assistant director general Strategy and International Affairs at the UAE’s General Civil Aviation Authority (GCAA), said that the system will help authorities assess risks about the passengers who ... Read More »

Saudi Aramco close to $10b loan deal with banks

RIYADH: Banking sources of Saudi said that Saudi Aramco, world’s biggest oil exporter company, is close to completing a $10 billion loan deal at tight pricing with banks. The cash replaces an existing $4 billion five-year loan due to mature later this year which Aramco, uses as a back-up facility. The deal should conclude by the end of this month. ... Read More »

Iran to open trade center in Armenia to trigger exports

TEHRAN: Iran will open trade center in Armenia soon to trigger exports, Member of directors’ board of Iran-Armenia chamber of commerce, Hervik Yarijanian, has announced in his recent press conference. According to him, the trade development center would become a place to export Iranian products to countries such as Georgia and Russia. “There is a train station next to this ... Read More »

Dubai Customs donates unclaimed items worth Dh250,000 to charities

DUBAI: Dubai Customs Passenger Operations Department has donated Dh250,000 worth in unclaimed items to two charities. The Mohammed bin Rashid Al Maktoum Charity and Humanitarian Establishment received more than 18,780 items of unclaimed clothes, bags, women’s accessories and stationary, while the Dubai Charity Association received 300 wheelchairs and baby strollers, Dubai Customs said. Ahmed bin Lahej, director of the department, ... Read More »

Tax board to outline rules for foreign pre-paid taxes

NEW DELHI: Indian Central Board of Direct Taxes (CBDT) will outline rules to give relief on foreign pre-paid taxes. Currently, the income tax law does not provide the manner for granting credit of taxes paid in any country outside. Now, this situation is sought to be addressed with the latest budget providing that CBDT will frame rules for providing foreign ... Read More »