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Author Archives: CT Report

Japan’s auto exports up 1.0% on year in Feb

TOKYO: Japan’s exports of cars, trucks and buses increased 1.0% year over year in February for the first time in two months, the Japan Automobile Manufacturers Association said Wednesday. Exports totaled 369,410 vehicles in February, up from 365,855 vehicles in the same month a year earlier, the association said. Read More »

Assist Commissioner Syed Asif to retire on May 11

ISLAMABAD: Syed Asif Hussain Jafri, a BS-17 officer of Inland Revenue Service, is going to retire from the government service on attaining the age of superannuation. The officer, presently posted as Assistant Commissioner, Regional Tax Office, Karachi, will stand retired from the government service with effect from May 11. Read More »

EU tax plans to make multinationals more transparent

BRUSSELS: The biggest companies in Europe will be forced to disclose more clearly the taxes they pay and profits they make in individual countries in a bid to make it harder to conceal untaxed cash piles. New plans from the European Commission would require multinationals with annual turnover exceeding € 750 million to publish the information each year on their ... Read More »

Danish companies giving high-end foreign workers massive tax breaks

COPENHAGEN: Many Danish companies seem to be taking advantage of a tax plan originally designed to help universities find researchers to offer a significant tax break to employees working in fields having little or nothing to do with academia. Some foreign workers under the plan pay half as much in taxes as their Danish counterparts. The companies involved include major ... Read More »

Indonesia’s corn exports surge 580%

JAKARTA: In the midst of corn scarcity in the country due to corn import limitations, Indonesia’s Minister of Agriculture, Andi Amran Sulaiman claimed the country’s corn exports last year surged by 581%. “In 2014 we exported 37,000 tonnes of corn, while last year we exported 252,000 tonnes with Gorontalo province as the largest contributor with 109,000 tonnes,” said Mr Sulaiman. ... Read More »

Norway to assist tax revenue collection in Tanzania

OSLO: Norway is contributing USD5m to a program designed to help the Government of Tanzania collect more in tax. According to a statement published by the Norwegian Embassy in Tanzania, Norway’s contribution to Tanzania’s Tax Modernization Program was announced during a recent visit to the African nation by Norwegian Deputy Minister of Foreign Affairs, Tone Skogen. The statement explained that ... Read More »

Pakistan receives $4.21b from donors in 8 months

ISLAMABAD: Pakistan received $4.21 billion from multilateral and bilateral donors in first eight months (July-February) of current fiscal year. According to the latest data released by the Economic Affairs Division (EAD), the received amount is 50 per cent less as the government had estimated to receive $9.18 billion loans from both multilateral and bilateral donors during the current fiscal year. ... Read More »

Take home pay to slip slightly in April

AMSTERDAM: Dutch workers will retain slightly less of their salaries from April as they did in the first three months of the year as changes to the tax and pension premium system are finally fully implemented. The difference will be two or three euros in most cases, but civil servants will notice a €7 drop because of an increase in ... Read More »

Kazakhstan increases vegetable oil exports

WASHINGTON: Kazakhstan, being vegetable oil net importer several years ago, became a net-exporter again. Exports from Kazakhstan were not very high, as the main goal of the country was saturation of the domestic market with its own sunflower oil. Gradually, sunflower oil exports from Kazakhstan began to increase. China is one of the most promising markets for the Kazakh oil. ... Read More »

Tax authorities to monitor Greeks’ bank accounts across the European Union

ATHENS: Greece’s tax authorities will soon be able to monitor all bank accounts that Greek taxpayers have within the European Union, according to a draft law currently being discussed by Parliament’s Financial Affairs Committee. Finance Ministry officials are introducing the clauses on the automatic exchange of bank account information, which will effectively allow them direct access to all deposits of ... Read More »

ADB pegs 3% growth rate for Thailand

BANGKOK: The Thai economy is expected to expand by 3 per cent in 2016, according to the Asian Development Bank. In the “Asian Development Outlook 2016: Asia’s Potential Growth”, the bank forecasts 3.5 per cent growth rate in 2017. As exports remain weak, the bank said that growth is seen picking up this year and next if planned infrastructure investment ... Read More »

Schaeffler AG revenue increases to above EUR 13 billion

HERZOGENAURACH: Automotive and industrial supplier Schaeffler was able to continue moving along its successful course in 2015. The company expanded its revenue by 9.1 percent to EUR 13.2 billion. “We were able to considerably increase our revenue in the previous year, despite the challenging environment. We are planning to continue on our profitable growth path in 2016, as well. Our ... Read More »

SC moved to set aside SHC verdict in Ayyan case

ISLAMABAD: The federal government has asked the Supreme Court of Pakistan to set aside the Sindh High Court’s verdict of removing Ayyan Ali’s name from the Exit Control List (ECL). The SHC ordered the Ministry of Interior to immediately remove the name of Ayyan Ali from the ECL on March 07. However, the operation of the judgement was suspended for ... Read More »

EU suspended 121 million euro of development funds meant for Hungary

BUDAPEST: The European Union last week suspended the transfer of 121 million euros of development funds earmarked for Hungary because of various irregularities, an insider source who wished to remain unnamed told MTI on Tuesday. The European Commission suspended paying funds related to projects from the 2007-2013 financing period on March 23. The EC temporarily cut payments for the projects ... Read More »

S. Korea’s beer imports hit record high in 2015

SEOUL:  South Korea imported a record amount of beer last year as more consumers preferred various flavors beyond the lager-dominated domestic brands and discount stores offer aggressive price promotions, data showed Wednesday. Inbound shipments of beer reached 170,919 tons worth US$142 million in 2015, up 27 percent from a year ago, according to the data compiled by the Korea Agro-Fisheries ... Read More »

Cut in imports linked to Afghans poor economic condition

KABUL: The country’s exports have increased by 30 percent in 2015 compared to 2012, while imports that remain 14 times higher than exports decreased by 12 percent, the Afghanistan Chamber of Commerce and Industry (ACCI) said on Tuesday. ACCI officials said Afghanistan’s exports level was not satisfactory and argued imports decreased because of poor economy condition of Afghans and the ... Read More »

South Africa’s Capitec posts profit rise as client numbers climb

CAPE TOWN: South African lender Capitec Bank Holdings reported a 26 percent rise in full-year profit on Wednesday, in line with forecast, as growth in client numbers boosted both interest and transaction fee income. Capitec, which grants loans not supported by assets, said it gained 1 million active clients, to total 7.3 million customers, over the past year as feeble ... Read More »

Saudi’s Savola says EBRD to invest $100 mln in Egypt subsidiary

RIYADH: Saudi Arabia’s largest food products company, Savola Group, said on Tuesday the European Bank for Reconstruction and Development (EBRD) will invest $100 million in one of its indirect subsidiaries in Egypt. The investment in United Sugar Company of Egypt (USCE) will include a fresh injection of $50 million, as well as the conversion of existing debt of $50 million ... Read More »

Firms ramp up investments in India

TAIPEI: Several Taiwanese electronics manufacturers plan to increase their investment in India this year, as they seek to take advantage of Indian Prime Minister Narendra Modi’s “Make In India” initiative to cultivate another source of revenue growth. Hon Hai Precision Industry Co, Inventec Corp, Compal Electronics Inc and Wistron Corp have so far invested in new manufacturing plants in India. ... Read More »

Saudi Arabia business in restaurants down 30%

JEDDAH: Business in restaurants has dropped by 30 percent after the end of the spring break. Fahd Al-Jasser, a restaurant owner, said the sales dropped significantly once school started again. “Most families save their money to spend it during the holidays. Going out and eating at gourmet restaurants to many is celebrating the holidays. Therefore, by the end of the ... Read More »