Category: Duty Tax

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Sep 21

How Safeguard Duty Protects Domestic Industry on Imported Goods and Tariffs

ChatGPT said: Know about how Safeguard Duty Protects Domestic Industry on Imported Goods and Tariffs In today’s interconnected global trade environment, domestic industries often face fierce competition from imported goods. While international trade fosters variety, innovation, and consumer choice, excessive or unfair imports can disrupt local markets and harm domestic producers. To counter such risks, governments implement safeguard duties—temporary tariffs imposed on imported goods that threaten to cause serious injury to local industries. This article explains how safeguard duties work, Read Full Details…

Jul 16

Tariff Hikes and Exports to the USA: What Exporters Need to Know

In recent years, tariff hikes imposed by the United States have significantly impacted global trade dynamics. For exporters targeting the U.S. market, understanding these tariff changes and their implications is crucial to sustaining competitiveness and growth. The effects of tariff hikes on exports to the USA, challenges faced by exporters, and strategies to navigate this evolving landscape. What Are Tariff Hikes? Tariffs are taxes or duties imposed by a country on imported goods. When the U.S. government raises tariffs on Read Full Details…

Mar 03

Egypt: 42,000 apply to tax-free car import initiative for expats

Minister of Finance Mohamed Maait said on Monday that about 42,000 applied for the tax-free car import initiative for expats, and 12,000 payment orders were issued with a total value of $202m. He added that more than 2,900 car import approvals were issued, valid for one year from the date of its issuance. Maait confirmed that the recent facilities approved by the Cabinet will continue, including cancelling the deposit before the transfer, so that it is sufficient to submit a Read Full Details…

Mar 03

Brazil reinstates ethanol import tariff making US product even less viable

Brazil’s Foreign Trade Chamber (Camex) has reinstated the original 18% import tariff for ethanol by means of letting the current 0% import tariff expire as of Feb. 1. The current 0% import tariff was put in place on Mar. 22, 2022 by former President Jair Bolsonaro to help fight rising inflation in Brazil. The 18% import tax will protect Brazilian ethanol producers, especially those located in the North-Northeast regions of Brazil by reducing competitively priced ethanol imported from abroad, according Read Full Details…

Feb 08

SOPA demands hike in import duty of all edible oils

New Delhi, Feb 7 (PTI) The Soyabean Processors Association of India (SOPA) on Tuesday demanded that the government should hike import duty on all edible oils as international prices are expected to remain low in view of record global soyabean output. At present, domestic edible prices have been continuously falling and are at a very low level, SOPA chairman Davish Jain said in a representation made to Commerce and Industry Minister Piyush Goyal. According to SOPA, the government should “increase Read Full Details…

Feb 02

Legislative Changes in Customs Laws

Under the newly proposed union Budget 2023 the Union Ministry has proposed certain major legislative changes in Customs Laws. The legislative changes are; Section 25 (4A) is being amended to exclude certain categories of conditional customs duty exemptions from the validity period of two years, such as, notifications issued in relation to multilateral or bilateral trade agreements; obligations under international agreements, treaties, conventions including with respect to UN agencies, diplomats, international organisations; privileges of constitutional authorities; schemes under Foreign Trade Read Full Details…

Jan 18

Fixation of Tariff Value of Edible Oils, Brass Scrap, Areca Nut, Gold and Silver- Reg

[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART-II, SECTION-3, SUB-SECTION (ii)]Government of IndiaMinistry of FinanceDepartment of RevenueCentral Board of Indirect Taxes and CustomsNotification No. 04/2023-CUSTOMS (N.T. New Delhi, 13th January, 202323 PAUSA, 1944 (SAKA) S.O. … (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the CustomsAct, 1962 (52 of 1962), the Central Board of Indirect Taxes & Customs, being satisfied that it isnecessary and expedient to do so, hereby makes the following Read Full Details…

Jan 14

Foreign tourists may get tax refunds on goods bought in India

New Delhi: The tourism and exports industries are pushing for tax refunds to overseas tourists on goods being taken outside India, on the lines of the provisions in popular destinations such as the UK, UAE and Singapore, to attract international travellers and encourage them to shop more in the country. Industry executives and experts said section 15 of the IGST Act, 2017 provides for the Tax Refund for Tourists scheme but it has yet to be implemented. economictimes.indiatimes.com/ For more Read Full Details…