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International Customs

Pakistan’s first in-depth newspaper that presents balanced news reports, analysis and reviews regarding Customs, Federal Board of Revenue (FBR) and Sales/Income Tax Departments beside covering import and export sectors comprehensively. Up-to-the-minute news bulletins regarding Customs and FBR departments are also displayed regularly on both website and face book for the interest of common people

Indonesia records 2.68 percent January inflation using new formula

Indonesia recorded annual inflation of 2.68 percent in January in applying a new formula for calculating its consumer price index (CPI), Statistics Indonesia (BPS) announced on Monday. The new formula uses 2018 as the base year of the CPI instead of 2012, as well as a new consumption pattern. January’s inflation figure, therefore, cannot be compared with the December inflation ... Read More »

China injects €156 billion into economy

The Chinese central bank announced it will inject 1,200 billion yen (156 billion euros) into the Chinese economy, which is struggling because of the viral pneumonia epidemic. The transfer will take place on Monday, when the Chinese financial markets will reopen after the long Lunar New Year holiday. The holiday was extended because of the coronavirus. The bank issued a ... Read More »

New Zealand shares fall as mainland Chinese markets reopen

New Zealand shares fell as the coronavirus outbreak continued to weigh on investor confidence, however, it weathered a savage reopening to Chinese equity markets as a weaker kiwi dollar buoyed exporters. The S&P/NZX 50 Index declined 167.28 points, or 1.4 per cent, to 11,550.16. Within the index, 43 stocks fell, five rose, and two were unchanged. Turnover was $106.7 million, ... Read More »

Mercedes-Benz sees Brazil truck sales up 18% in 2020

SAO BERNARDO DO CAMPO, Brazil: The Brazilian unit of German automaker Mercedes-Benz (DAIGn.DE) expects overall domestic truck sales to rise 18% as the government keeps pushing its reform agenda and the economy rebounds. Philipp Schiemer, president of Mercedes-Benz in Latin America, said the company estimates some 120,000 trucks will be sold in Brazil this year. That was slightly less than ... Read More »

Japan mask prices surge on online flea markets amid coronavirus scare

OSAKA – As the shortage of face masks continues in Japan amid the spread of a new coronavirus originating in China, their prices are shooting up on online flea markets. Some people are apparently cornering masks at drugstores and other shops, and selling them at excessively high prices on online markets for which there are currently no regulations on resale. ... Read More »

Japanese Companies Operating in Korea Pay a Low Tax Rate

Although Japanese companies earned nearly 48 trillion won in sales in Korea in the past four years, they paid only 300 billion won in taxes. According to the data the National Tax Service submitted to lawmaker Kim Doo-kwan of the ruling Democratic Party on Oct. 28, Japanese companies operating in Korea paid a total of 301 billion won in taxes ... Read More »

DRI busts smuggling rackets, seizes 31kg gold

VIJAYAWADA: The Directorate of Revenue Intelligence (DRI) seized 31.5 kg gold worth 13.3 crore in the last three days. DRI caught three consignments in Vijayawada and one at Secunderabad railway station and arrested 13 people for transporting smuggled gold. DRI units of Nellore, Vijayawada and Hyderabad conducted a coordinated operation based on specific intelligence. On January 31, DRI Nellore unit ... Read More »

Private sector forecasts deeper export decline

The slowing world economy, widespread domestic drought and the deadly virus outbreak have prompted the private sector to lower the export forecast to a 1.8% contraction this year. Sanan Angubolkul, vice-chairman of Thai Chamber of Commerce, said representatives from many trade associations were consulted before the forecast of US$242 billion for export value was decided. Late last year, Mr Sanan ... Read More »

Toyota SA to invest over R4 billion in car assembly and parts

Toyota SA Motors (TSAM) has announced a R4.28bn investment in local vehicle assembly and parts supply. Speaking at the company’s annual State Of the Motor Industry address at Kyalami president and CEO Andrew Kirby said the lion’s share of R2.43bn would go towards the production of a new passenger-car model from October 2021 at the Prospecton plant in KwaZulu-Natal. The ... Read More »

Over 430 Kilos Of Heroin Intercepted At Rotterdam Port

A large quantity of heroin was found hidden on board a ship in Rotterdam just before the end of the year, authorities at the port said. Police and Customs officers discovered some 439 kilograms of the narcotic hidden below a shipment of talc stone during a routine check. The cargo was still inside a sea container on the ship when ... Read More »

Investors troop to year’s first RTB issue; P134 billion awarded

THE Bureau of the Treasury (BTr) has awarded an initial P134 billion worth of three-year retail treasury bonds (RTBs), which is almost five times oversubscribed from the P30-billion offering. The coupon rate for the IOU—the 23rd tranche of RTBs offered by the government and the first for 2020—was set at 4.375 percent, with tenders amounting to P149.827 billion. For minimum ... Read More »

Germany Raises 2020 Growth Forecast Slightly to 1.1%

BERLIN: THE German government modestly raised its economic growth forecast for the country this year to 1.1%. Germany’s economy, Europe’s biggest, has grown for 10 consecutive years but last year’s 0.6% growth was the weakest since 2013. In October, the government predicted growth this year of 1%. “The economy will develop better this year than was expected last year,” Economy ... Read More »

Danske’s EY Auditors Face Disciplinary Action for Failures

Denmark’s business watchdog said it has brought two auditors before a disciplinary board after concluding they violated regulations while reviewing Danske Bank A/S, the lender caught up in Europe’s biggest money laundering scandal. The Danish Business Authority said the auditors’ work on the bank’s 2014 financial statements “was not performed in accordance with generally accepted auditing standards and not sufficiently ... Read More »

Trade Representative of Ukraine commented on the prospect of ACAA talks

Trade Representative of Ukraine Taras Kachka commented on the prospect of formal negotiations on the Agreement on Conformity Assessment and Acceptance of Industrial Products (ACAA). “We are agreeing on the technical task of a preparatory assessment mission, which should assess all elements of technical regulation – technical rules, standardization, conformity assessment procedures, metrology, accreditation and market surveillance,” Kachka wrote. “The ... Read More »

Oil firm bags nearly $4.4 billion in 2019

HÀ NỘI: The Bình Sơn Refining and Petrochemical JSC (BSR), a subsidiary of the Việt Nam Oil and Gas Group (PetroVietnam), has reported gross revenue of VNĐ102.82 trillion (nearly US$4.4 billion) last year. According to a consolidated financial report released on Monday, BSR’s after-tax profit hit more than VNĐ2.75 trillion, contributing over VNĐ9.7 billion to the State budget. The firm’s ... Read More »

Consumer morale rises unexpectedly in Germany, France, Italy

BERLIN/PARIS (Reuters) – Consumer morale in Germany, France and Italy rose unexpectedly at the start of the year, data showed on Wednesday, suggesting that shoppers are ready to open their wallets and support overall growth in the three biggest economies of the euro zone. The surprisingly solid figures are likely to please European Central Bank President Christine Lagarde, who has ... Read More »

Norway’s PM to appoint Jan Tore Sanner as finance minister: media

OSLO: Norwegian Prime Minister Erna Solberg will appoint Conservative lawmaker Jan Tore Sanner as the new finance minister, business daily Dagens Naeringsliv reported on Thursday. Sanner is currently minister of education and integration. The right-wing Progress Party, including Finance Minister Siv Jensen, resigned from the government on Monday over a cabinet decision to help bring a woman suspected of Islamic ... Read More »

Good time to invest in Indonesia: BI lauds country’s economic stability

Indonesia has proven its ability to maintain economic stability and resilience amid global uncertainties, a top central banker has said in front of an international forum in Bali on Wednesday. “Bank Indonesia [BI] Governor Perry Warjiyo believes that now is a good time to invest in Indonesia,” the central bank wrote in a statement on Thursday. “Indonesia was able to ... Read More »

New Portuguese tax could affect thousands of Belgians pensioners

Portugal will introduce a flat tax rate on the income of foreign pensioners, rolling back a generous tax break which drew thousands of Belgians to settle in the country. Foreign pensioners living in Portugal have benefitted from a scheme introduced in 2013 under which they were exempted from paying income taxes for a period of ten years. The tax scheme ... Read More »

NZ stock market’s prospects lift

Law firm Chapman Tripp’s annual review has found a revamp of the the NZX’s rules, fees, and the move to one trading board over the past year have lifted the stock market’s prospects. Corporate partner Rachel Dunne, who sat on a committee reviewing capital markets said the improvements had paid off, despite just two initial public offerings (IPO) in the ... Read More »