Priyasmita Dutta’s Post

Customs Duties and Taxes: Their Impact on Shipping Goods Between Countries When discussing international trade, customs duties and taxes emerge as a crucial component of the process of shipping goods between countries. These duties play a pivotal role in determining the final cost of imported and exported goods, making them a significant factor that companies and individuals involved in global trade must consider. What Are Customs Duties? Customs duties are taxes imposed by governments on goods imported from other countries. The purpose of these duties is to protect domestic industries from foreign competition by increasing the cost of imported goods. The value of customs duties is determined based on several factors, including the type of goods, their value, and the country of origin. Types of Customs Duties There are two main types of customs duties: Fixed Duties: These are charges set at a fixed amount per unit of the imported goods, regardless of their value. Ad Valorem Duties: These are charges calculated as a percentage of the value of the imported goods. How Are Customs Duties Determined? Customs duties depend on several key factors, including: Type of Goods: The duties vary based on the category of the goods. For example, customs duties on technological products may be lower compared to agricultural products. For Full article: https://lnkd.in/d-ysNsSt... - Contacts Us NOW:www.live-freight.com Cell: +201013600400 Location: Directly on the Autostrad Road, next to B Auto Showroom, Sheraton, Cairo Email: [email protected] - #وصول_سريع #أسعار_شحن #تتبع_مباشر #لوجستيات #توصيل #شحن #شحن_مباشر #ontimedelivery #shippingrates #livetracking #logistics #delivery #freight #logistics #live_freight

Navigating Customs Duties: Essential Legal Insights Customs duties are a pivotal component of international trade, involving the taxes imposed on goods as they cross national borders. These duties are essential for generating government revenue, protecting domestic industries, and regulating trade. For businesses engaged in global trade, a thorough understanding of customs duties is vital to avoid legal pitfalls and ensure efficient operations. The Fundamentals of Customs Duties Customs duties, also known as tariffs, are taxes levied on goods imported into a country. They serve multiple purposes: generating revenue for the government, protecting domestic industries from foreign competition, and regulating the flow of goods. Customs duties can be categorized into several types: Ad Valorem Duties: These are calculated as a percentage of the value of the imported goods. Specific Duties: These are based on the quantity or weight of the goods, irrespective of their value. Compound Duties: These combine both ad valorem and specific duties. The rates of customs duties... #AttorneysMedia #customsduties #exportcontrols #globaltrade #importregulations #internationalbusiness #InternationalTradeLaw #legalconsultation #legalinsights #tradecompliance #tradelaw #TradePolicies

Budget 2024-25: Comprehensive Customs Duty Reforms to Enhance Domestic Manufacturing and Export Competitiveness In a significant move aimed at bolstering India's manufacturing sector and enhancing its export competitiveness, the Finance Minister has proposed a series of comprehensive customs duty reforms in the Budget 2024-25. These reforms are a part of the government's ongoing efforts to create a more conducive environment for businesses and foster economic growth. Key Highlights of the Reforms: 1. Rationalization of Duty Rates: The budget proposes a streamlined structure of customs duties to reduce complexity and ensure a fairer and more predictable tax regime. This rationalization aims to make Indian products more competitive in the global market by lowering the cost of raw materials and intermediate goods. 2. Incentives for Exporters: New incentives have been introduced to encourage exports, including rebates and exemptions on certain duties for exporters. These measures are designed to reduce the overall cost of production and enhance the global competitiveness of Indian goods. 3. Simplification of Customs Procedures: To reduce the compliance burden on businesses, the government plans to implement measures to simplify customs procedures. This includes the introduction of advanced technology and automation in customs clearance processes, which will speed up the clearance of goods and reduce delays. 4. Enhanced Transparency and Efficiency: Steps are being taken to enhance the transparency and efficiency of customs operations. This includes stricter enforcement of rules and regulations, improved tracking and monitoring systems, and the adoption of best practices from around the world. These reforms are expected to have a positive impact on the Indian economy by supporting domestic manufacturing, promoting exports, and simplifying the taxation framework. By making the customs duty regime more business-friendly, the government aims to attract more investment and boost economic growth. #Budget2024 #CustomsReforms #Manufacturing #ExportCompetitiveness #TaxationSimplification #EconomicGrowth #IndiaEconomy

#Budget2024 Still think SGB investors are the only victim of customs duty cut on gold? The truth is that the government has earned about Rs 620 crore from redeeming sovereign gold bonds at a lower price but has also lost Rs 26,000 crore worth of potential revenue due to the customs duty cut. As per Aksha Kamboj "Revenue loss to the government may be approximately Rs 26,000 crore due to customs duty cut but the same is likely to be compensated by import of gold through the official channel. The Government will benefit up to Rs 620 crore in the F.Y 2024-2025 on account of redemption of SGB, as nearly 10 tons of gold bonds will mature in F.Y 2024-2025." SGBs remain the most expensive borrowing instrument for the government but this does not mean that the customs duty cut was for reducing the SGB redemption liability. (As per Sachin Kothari, "The Sovereign Gold Bond issuance began in November 2015 and was intended to provide a secure and simple alternative to physical gold. But SGB is one of the most expensive tools for government borrowing now as gold prices have elevated. And it seems, uncertain whether the government will issue new securities during the current fiscal year. When the SGB plan was implemented in 2015, the customs tax was set to 10%. It was later raised to 15% in 2019, 2021, and ultimately in 2022. These duty hikes resulted in bigger returns for investors, which raised the government's redemption liabilities. If there had been no customs duty cut, gold prices would have been trading around Rs 7600/gram, which would have led to an outflow of nearly Rs 2090.65 crore." So why was customs duty cut on gold? As per Sachin Kothari, "The core reason for lowering customs tax on gold in India is to create a balanced, transparent, and competitive market that reduces illicit activity, promotes industry growth, and coincides with larger economic goals." As per Aksha Kamboj, "The Government has already stated that they wish to control illegal import of gold in the country and hence this is the major reason to control gold price." With inputs from Abhishek Gupta Augmont | Gold For All India Bullion and Jewellers Association Ltd. (IBJA) #gold #sgb #goldinvestment

Customs/032/2024 Subject: When is customs duty imposed? What is the threshold for duty exemption or the de minimis limit for imported goods? What are CD and RD rates? What is the maximum amount of RD the government can impose? How long does the RD remain applicable after imposition? Customs Duty: (a) Section 18 of the Customs Act, 1969 discusses dutiable goods. (b) Duties are imposed on goods imported into or exported from Bangladesh. The rates at which customs duty (CD) and regulatory duty (RD) will be imposed are specified in the law or in the Bangladesh Customs Tariff (BCT). (c) For example, in the case of importing footballs, the customs duty is 10% and the regulatory duty is 0%. On the other hand, for the import of unhusked rice, the customs duty is 25%. (d) It should be noted that besides these, other duties and taxes such as supplementary duty, value-added tax, advance income tax, and advance tax must also be paid. Duty Exemption or De Minimis Threshold: (a) No duty needs to be paid if the value of any consignment is less than Tk. 2,000 or the total duty is less than Tk. 2,000. This is the de minimis threshold Types of CD and RD Rates: (a) CD and RD are types of import duty. There are a total of 6 types of CD rates, namely 0%, 1%, 5%, 10%, 15%, and 25%. (b) There are a total of 9 types of RD rates, namely 0%, 3%, 5%, 10%, 15%, 20%, 25%, 30%, and 35% Maximum RD Rate: (a) Through a government notification in the government gazette, the government can impose double the maximum rate of CD as RD. (b) Currently, the maximum rate of CD is 25%, so the government can impose RD up to 50%. However, the current maximum RD rate is 35%. (c) The RD imposed remains applicable until the end of the financial year in which it is imposed Md. Delowar Hossain Mondol 12.03.2024

 ZATCA Issues the fees rules on customs services provided at Customs ports - effective implementation on 06 October 2024. The Zakat, Tax and Customs Authority (ZATCA) has announced the issuance of a decision by its Board of Directors regarding the Fee Rules on Customs Services, which includes specifying the fees on customs services provided by ZATCA and the conditions for fulfilling them. The decision involves waiving the fees for all customs services for exports and reducing customs service fees for imports through a new mechanism for calculating import service fees, which involves a fee of 0.15% of the value of the incoming goods for customs declaration processing services. In addition, the Fee Document on Customs Services stipulates a fee of SAR 15 for customs declaration processing services on individuals’ shipments arriving through online stores, provided that the value of these shipments does not exceed SAR 1,000. #KSA #Customsduty #ZATCA https://lnkd.in/eZXtMv57

The Ministry of Finance has recently taken a decisive step towards enhancing clarity in the implementation of its prior Circular concerning foreign currency restrictions on specific import categories. In response to a direction from the government and a formal request from the Customs Commission, as outlined in Letter No. 4/0429/16 dated ታሀሳሰ 17, 2016 (December 27, 2023), the Ministry has undertaken steps necessary in providing necessary clarity in the implementation of its prior Circular concerning foreign currency restrictions. In a move aimed at providing clear guidance and addressing ambiguities emanating from Circular ክሂገ1/7/52 issued by the Ministry of Finance on ጥቅምት 4, 2015 (October 14, 2022), a significant decision has been issued. Here is a summary of the key points of the decision: 1.      It is clarified that the ban does not extend to goods and vehicles imported under the Franco Valuta regime. 2.      Imports of goods and vehicle for which bank approval is secured approved before መጋቢት 22, 2015 E.C (March 31, 2023), are eligible for a one-time clearance after checking the customs documentations by the Ethiopian Customs Commission. 3.      Vehicles meeting the definition of "new vehicle" (as per Excise Tax Proclamation No. 1287/2015, Art. 2(24)) during their arrival at a neighboring port or customs station are treated as new, regardless of prior delays due to foreign exchange bans. 4.      Duty-free shop imports remain exempt from the foreign exchange ban. 5.      The items outlined in the Circular's table must be treated as per the description of the item. 6.      The ban is applicable solely to ready-to-use goods, excluding raw materials or production inputs. However, the Ethiopian Custom Commission added further requirement of obtaining support letter from Ministry of Trade and Regional Integration, Ethiopian Commission or other relevant organs indicating the items to be imported serve as industrial inputs. 7.      Foreign currency usage is prohibited for vehicles not meeting the SKD/CKD standard. However, the Ethiopian Customs Commission has temporarily suspended the implementation of the Ministry of Finance's Circular, with the exception of points 5 through 7. Additionally, the Ethiopian Customs Commission has conveyed that further guidance regarding the implementation of the Circular will be communicated in due course regarding points 1 to 4. Please find the circular posted below for your reference.

Navigating Customs Duties: Essential Legal Insights Customs duties are a pivotal component of international trade, involving the taxes imposed on goods as they cross national borders. These duties are essential for generating government revenue, protecting domestic industries, and regulating trade. For businesses engaged in global trade, a thorough understanding of customs duties is vital to avoid legal pitfalls and ensure efficient operations. The Fundamentals of Customs Duties Customs duties, also known as tariffs, are taxes levied on goods imported into a country. They serve multiple purposes: generating revenue for the government, protecting domestic industries from foreign competition, and regulating the flow of goods. Customs duties can be categorized into several types: Ad Valorem Duties: These are calculated as a percentage of the value of the imported goods. Specific Duties: These are based on the quantity or weight of the goods, irrespective of their value. ... #Attorneys.Media #customsduties #exportcontrols #globaltrade #importregulations #internationalbusiness #InternationalTradeLaw #legalconsultation #legalinsights #tradecompliance #tradelaw #TradePolicies #BusinessLaw #ComplianceViolations #EconomicPolicy #InternationalLaw #RegulatoryCompliance #TradeLaw

Ukrayna menşeli çelik ithalatına gümrük vergisi indirimleri ve kota bazlı tercihli uygulamalar tanındığı görülmektedir. It is observed that duty reductions and quota-based preferential applications were granted to steel imports originated from Ukraine. The agreement is expected to come into force as of January 1, 2025, after the official approval of the Agreement by the Ukranian government. According to the Free Trade Agrement published, on imports of Türkiye from Ukraine; ⭕ Billet and Slab will have 30% Customs Duty Reduction (15.68% instead of 22.4%) ⭕ Non Alloy Hot Rolled Coil (HRC) will be exempted from Customs duty for an annual quota of 120.000 tons.  ⭕ Non Alloy Cold Rolled Coil (CRC) will be subject to reduced 6% Customs Duty for an annual quota of 70.000 tons.  ⭕ Non Alloy Coated Flat Steel will have 30% Customs Duty Reduction  ⭕ Non Alloy Wire Rod will be subject to reduced 10% Customs Duty for an annual quota of 50.000 tons.  ⭕ Rebar will be subject to reduced 10% Customs Duty for an annual quota of 100.000 tons.  ⭕ Sections will have 20% Customs Duty Reduction (13.6% instead of 17%) ⭕ Alloy Flat Steel will be subject to reduced 3% Customs Duty for an annual quota of 20.000 tons.  Quantities exceeding the quota will be subject to the MFN Customs Duty rate (Customs Duty rates applicable for 3rd countries).

The imposition of the customs duty serves several key purposes, which are: 1. Conserving Foreign Exchange: One of the primary objectives of the Customs Act is to regulate imports in a way that helps conserve the country’s foreign exchange reserves. By controlling the flow of imports, the Act aims to strike a balance between meeting domestic demand and preserving valuable foreign currency. 2. Achieving Policy Objectives: The Act serves as a tool for the government to implement its policies related to imports and exports. It allows the authorities to regulate the movement of goods across borders in alignment with the nation’s economic and strategic interests. 3. Regulating Exports: Just as it regulates imports, the Customs Act also provides a framework for regulating exports. This ensures that the export of goods is carried out in a controlled and organised manner, benefiting both the economy and the industries involved. 4. Coordinating with Other Laws: The Customs Act works in coordination with other laws related to foreign trade and foreign exchange, such as the Foreign Trade Act and the Foreign Exchange Regulation Act. This ensures a cohesive and consistent approach to managing international trade. 5. Safeguarding Domestic Trade: By regulating imports and exports, the Customs Act aims to protect domestic trade and industries from unfair competition or practices that could harm the local market. Protecting Revenue: The Act plays a crucial role in protecting the government’s revenue by ensuring that appropriate duties and taxes are collected on imported goods, thus contributing to the nation’s fiscal resources. 6. Protecting Indian Industries: The Customs Act helps protect Indian industries from unfair competition by regulating the import of goods that could potentially undermine domestic production and employment. 7. Preventing Smuggling: One of the key objectives of the Act is to prevent the smuggling of goods and related illegal activities, which can have serious economic and security implications for the country. 8. Preventing Dumping: The Act aims to protect Indian industries from the dumping of goods by foreign producers, which involves selling products at artificially low prices to gain an unfair market advantage. For the access to the complete article. Please visit our website : https://lnkd.in/gAvNbf5T The information provided here and across our online platforms is designed for educational and informational use only. It does not constitute professional advice. For guidance specific to your situation, please seek the expertise of a qualified legal professional.