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Author Archives: Tahir Iqbal

Qatar tax reforms must consider era of non oil budgeting

DOHA: The investments in infrastructure and property market in the resource-rich GCC are really huge. Oil wealth has been heavily invested in residential and commercial property in the GCC. It is efficient to tax real property, not only because it is immobile, but also to finance the cost of public infrastructure and other services necessary to preserve the value of ... Read More »

Bid to smuggle fake goods denied Police officers under probe,

KUWAIT CITY:The Public Relations and Security Media Department of Ministry of Interior has denied reports concerning the attempt of a police officer of rank “Colonel” to smuggle imitation goods in three containers. In a press release issued by the ministry, the department explained that the three containers are still at the port. A police officer of rank “Lieutenant” who works ... Read More »

High yield expected from date harvest as industry grows in Jordan,

AMMAN: As the date harvest peaks, industry leaders expect a high yield exceeding 25,000 tonnes due to the rising number of date palm tree plantations in the Kingdom. “Date palm plantations are increasing every year and so is production. There are 35,000-40,000 dunums of land planted with date palm trees,” President of the Jordan Dates Association Anwar Haddad told the ... Read More »

Pileup of empty containers puts dry port in disarray

KHATMANDU: With a container backlog looming at the port, the concerned authorities have not shown interest in solving the crisis. The importers transport the goods using the container but they don’t send the empty container back on time. Port officials said that if the mess is not cleared, it could affect operations at the facility. The problem started to aggravate ... Read More »

Customs eGates open to more travelers

BERLINA: European visitors from France, Germany, Ireland and the Netherlands can set about sightseeing and looking for Hobbits more quickly now they have the green light to use Customs’ eGates. Formerly known as SmartGates, eGates allow eligible passengers to complete immigration checks quickly and easily without talking to a Customs officer. Kiwis, Aussies, Brits, Canadians and Americans have been passing ... Read More »

Oman’s economy seems to be in correction mode

MUSCAT: The Omani economy is doing fine in the ongoing environment of continuing socioeconomic challenges. What’s more, multinational agencies are projecting improved performances in the medium-term for the sultanate on the assumption of stronger oil prices. Also, the preliminary projections for 2018 budget assume stronger revenues, though with little change to the size of the budgetary deficit. However, higher economic ... Read More »

Qatar Air chief vows splurge on routes to defeat embargo

DOHA: Qatar Airways Ltd. Chief Executive Officer Akbar al-Baker pledged to carry on adding routes in defiance of the Saudi Arabia-led isolation of its home country. While the second-biggest Gulf carrier anticipates a “very negative year” in terms of earnings, the passenger tally should be close to what it was before the embargo, Baker said in a Bloomberg TV interview ... Read More »

South Korea’s November Iran crude oil imports fall to 5month low

SEOUL: South Korea’s Iranian crude oil imports in November dropped to the lowest level since June, due to reduced shipments from the Middle Eastern country to Asia affected by its production issues. South Korea’s November imports from Iran were around 1.3 million tons, or 316,575 barrels per day (bpd), customs data showed on Friday. The import volume was 25.2 percent ... Read More »

The Netherlands is Davao Region’s top export destination,

AMSTERDAM: The Department of Trade and Industry in the Philippine Davao Region reported that the Netherlands are the region’s biggest export destination as of the first half of 2017. Citing data from the Philippine statistics Authority in Davao Region, the exports to the Netherlands are valued at 159.07 million dollars. However, sunstar.com learned that the Netherlands are not the final ... Read More »

Greek main opposition chief Reduction in tax rates ‘non negotiable’

ATHENS: Greece’s main opposition new democracy (ND) leader kyriakos Mitsotakis this week again reiterated his party’s standing position that a reduction in tax rates in the country is “non-negotiable”, regardless of whether institutional creditors accept the Greek side’s requests for lower annual primary budget surplus targets as a percentage of GDP.”We must point out that reduced taxes do not mean, ... Read More »

South Korea’s November Iran crude oil imports fall to 5month low

SEOUL: South Korea’s Iranian crude oil imports in November dropped to the lowest level since June, due to reduced shipments from the Middle Eastern country to Asia affected by its production issues. South Korea’s November imports from Iran were around 1.3 million tons, or 316,575 barrels per day (bpd), customs data showed on Friday. The import volume was 25.2 percent ... Read More »

India raises tariffs on Electronics to Curb Imports

MUBAI: India increased the customs duty on some electronics including mobile phones, television sets, and microwave ovens in a bid to curb imports and boost local manufacturing. The levy on mobiles and TVs was raised from 10 percent to 15 percent, according to a Ministry of Finance statement. Duty on digital cameras, video cameras and projectors was doubled to 20 ... Read More »

Ukraine exported agricultural products worth 14.7bln dollars for 10 months,

KIEV: The share of agricultural products in the structure of exports in the period from January to October of this year amounted to 41.8%. First Deputy Minister of Agrarian Policy and Food of Ukraine Maksym Martyniuk said this during an online conference today. “The share of the agricultural products in export amounted to about 40% ($14.7 billion for 10 months ... Read More »

Brazil decree opens door to Russian wheat imports

BRASILA: Brazil’s Ministry of agriculture, livestock and food supply (MAPA) on Dec. 13 issued a decree outlining the steps importers will need to take to purchase and unload wheat from Russia. Previously, Russian wheat was not allowed to be processed in Brazil. According to MAPA, the Russian wheat may only be used for consumption, and not as seed. “The International ... Read More »

China to do away with export tax on steel products,

BEIJING: China will remove the export tax on steel products, the Ministry of Finance said on Friday, in a move likely to increase trade tensions. The country typically adjusts export tax levels at the end of each year, to either encourage or discourage exports. Heavy outflows of steel from China have become a political issue in recent elections in Europe ... Read More »

Vietnam exports rise 30% for first 11 months of 2017

HANOI: Vietnam exported 17.48Mta of cement and clinker worth US$613.3m in the first 11 months of this year, according to Vietnam News. This represents a 30.4 per cent increase in volume and a 20.2 per cent rise in value from the year ago period. In November 2017 exports of clinker and cement reached 2.4Mt, a significant increase of 43.3 per ... Read More »

Amazon will pay Italy €100m to settle tax dispute

ROME: Italian authorities have been investigating Amazon for tax evasion in the period between 2011 and 2015, but the deal meant the case is now closed, it said in a statement. Citing investigators, Italian media reported in April that Amazon had established a mechanism to declare some €130 million of Italian profits in Luxembourg, which has a much lower corporate ... Read More »

Japan November exports expected to grow on upbeat demand,

TOKYO: Japan’s exports are expected to have risen for a 12th straight month in November, a Reuters poll showed on Friday, as buoyant overseas demand helps drive a steady economic recovery. Exports are expected to have risen 14.6 percent in November from a year earlier, the poll of 19 economists showed, thanks to strong overseas demand for cars, semiconductor production ... Read More »

Thailand works to eliminate Malaria including Drug resistant strains by 2021,

BANGKOK: Thailand battles drug resistant malaria strains that imperil global campaign “Once a smuggling stop for Cambodia’s Khmer Rouge guerrillas, Thailand’s border town of Bo Rai finds itself on the frontline of a new battle against drug resistant strains of malaria that could frustrate global attempts to stamp out the disease. Malaria killed about 445,000 people last year, more than ... Read More »

Indonesia’s Export and investment will be better

JAKARTA: The Indonesian economy in 2018 will continue to grow. In particular, exports and investments will show significant improvement. “So we see exports and investment will continue to provide a good role for economic growth in 2018,” said Governor of Bank Indonesia. According to him, the last few months have shown that export is rising quite high and the contribution ... Read More »