Since January, South Korea, Bangladesh, the United States, Russia, the European Union, Brazil, Nigeria, Algeria and other countries have adjusted their import and export tariffs on rice, eggs, soybeans, steel, medical supplies, cars, tires, 3 pin terminal block connector, pin and socket connectors, bike wheel reflector and other products. At the same time, according to the needs of economic recovery under the epidemic, France, Germany, Vietnam, the United Arab Emirates, Croatia and other countries have also promulgated new tax policies and fee concessions.
Finalizes Tariff Rates on Imports of Rice According to the representative office of CCPIT in Korea, Yonhap reported January 22, South Korea’s agriculture, forestry, livestock and food ministry 22, said, The revised tariff schedule was published in the official gazette the same day, Finalizing the tariff rate on imported rice at 513 per cent, The tariff quota part still applies 5% tax rate. Of the 408700 tons of rice subject to tariff quotas, 388700 tons will be distributed to five countries in China, the United States, Vietnam, Thailand and Australia according to actual imports from 2015 to 2017. Specifically, China has the largest quota, Of 157195 tons, followed by the united states (132304 tons), vietnam (55112 tons), thailand (28494 tons) and australia (155.95 tons).
Or eliminate import duties on eggs
South Korea’s Ministry of Agriculture, Forestry and Livestock Food said Tuesday it intends to temporarily eliminate import tariffs on egg products to address the shortage of egg products caused by the outbreak of avian influenza in South Korea. According to South Korean media reports, the Korean government will finalize the final plan next week. After the new rules, South Korean importers can import up to 50,000 tons of fresh eggs and seven other egg products by the end of June. It is understood that South Korea at this stage to import egg products 8 to 30% tariff.
Import duty exemption for priority investment areas in Myanmar
According to the Chinese Journal of Foreign Trade, Myanmar has set up priority investment areas, including agriculture and its related services, value-added production of agricultural products, animal husbandry, fishery industry, construction of comfortable housing and establishment of industrial parks. And optimize import and export procedures, exempt certain import and export commodities from licensing, reduce technical barriers to trade, and exempt imported fertilizers, agricultural machinery and tools, medicines and raw materials from commercial taxes and duties.
Mechanical flesh and blood tariffs remain at 5% according to the Chinese embassy in the Philippines, Daily Inquirer of the Philippines (Inquirer), President Duterte signed Executive Order 123, A tariff of 5% for mechanical de-sarser (MDM)(key ingredient in processed meat), Valid until the end of 2021. MDM Philippines comes mainly from imports, Used to make hot dogs, lunch meat and canned meat products.
Gwadar Free Zone Tax Preferential Policy According to China’s Consulate General in Karachi, Pakistan’s Business Chronicle reported on January 21, the Pakistan Federal tax Commission issued “Gwadar Free Zone tax rules 2021″, the Gwadar Free Zone investors can enjoy tax exemptions, incentives and tax incentives to explain in detail.
Enterprise anti-epidemic expenditure is exempt from taxation
Vietnam’s investment newspaper reported on January 20th that the ministry of finance has petitioned the government to treat corporate spending in the fight against the new crown as a reasonable expenditure when determining revenue taxes, according to the economic and commercial office of the Chinese consulate general in Ho Chi Minh city. According to this, the tax expenditure of enterprises can be deducted from the cash and in kind to support Vietnam in the fight against the new crown pneumonia epidemic through receiving donor units.
Consideration of the Colombo International Financial Centre tax preferences
According to the Chinese Embassy in Sri Lanka, the Daily Financial Times reported on January 5 that the Sri Lankan parliament is scheduled to consider the adoption of the Strategic Development Project Act on Thursday to provide a wide range of tax benefits for the ColomboInternationalFinancialCenter project. The relevant preferential policies mainly include: tax exemption for the construction of the international financial center project (approved by the Cabinet in October 2020); conditional exemption from port and airport development tax, customs duties, value-added tax and enterprise income tax; during the implementation of the project, up to 30 foreign employees at a time during the implementation of the project.
Proposed tax intervention for rice onions
Bangladesh’s Financial Express is reviewing taxes on imports of rice and onions to ensure reasonable prices for such goods in the country’s domestic market, according to the Chinese Embassy in Bangladesh. The Mencius Taxation Bureau intends to impose a 5% adjustment tax on imported onions in order to reduce imports and protect the interests of Mencius onion growers; to issue a decree on imported rice to reduce the tax revenue on rice import links and to cooperate with the relevant initiatives of the Mencius grain sector. According to the Daily Star on January 6, the government agreed to importers import 330,000 tons of rice, increasing market supply and curbing price increases. At present, Meng rice import tariff rate is 62.5. Meng Taxation Bureau has no plan to reduce the import tariff of edible oil for the time being, but it intends to impose a single link of VAT on edible oil and change the previous multi-link of VAT to reduce its tax burden.
United Arab Emirates
Abu Dhabi Port Authority suspended rent increases in 2021
The Abu Dhabi Port Authority announced a new convenience measure to support its customers in the current economic situation, according to the Economic and Commercial Office of the Chinese Consulate General in Dubai. Among other measures, the Abu Dhabi Port Authority will suspend rent increases in 2021. The measure will benefit more than 1400 companies operating in the Abu Dhabi Port Authority’s industrial city and duty-free zone.
Tariffs on soybean exports
Russia’s legal information network announced last year’s government decree No .2397, signed by Prime Minister Michusjing, to impose a tariff of 30 percent and no less than 165 euros per ton on the export of Russian-made soybeans to countries outside the Eurasian Economic Union from February 1 to June 30, Russia reported on January 4.
Export tariffs will be imposed on some steel products
The Russian Federation’s Anti-Monopoly Administration has sent a letter to the Russian Ministry of Industry and Trade proposing a tariff of 13 per cent and not less than $73 per ton for billet exports and a tariff of 12 per cent and not less than $78 per ton for steel bar exports for a period of six months, the Russian Federation’s Embassy in the Russian Federation, Economic and Commercial Affairs, Kommersant, reported on December 28.
Increased tariffs on petrochemical exports
According to China Chemical, The Russian Government announced on 19 January, Export tariffs on some petrochemicals and crude oil will be raised next month. According to the announcement of the Russian Ministry of Economic Development, From 1 February, Tariffs on benzene, xylene and toluene will be raised to $13.10/ton from $11.60/ton this month. Next month, Russia’s export tax on naphtha will rise to $24 from $21.20 a ton this month. Based on changes in crude oil export tariffs, Russia will adjust the export tariff on petrochemical products every month. From 1 February, Russia’s export tariffs on crude oil will be raised to $43.80 per ton from $38.70 per ton in January. Russia’s export tariffs on liquid hydrocarbon gases in February were flat from last month.
Post time: Feb-03-2021