Import Tax

Mexico's government submitted a budget proposal Tuesday that would impose new import taxes on more than 1,400 products many from Asian nations to strengthen national production at a time when the United States is pressuring its North American trade partner to present a united front against China. Treasury Secretary dgar Amador did not mention China specifically, but said that the proposed 2026 budget will affect countries with which we do not have a commercial treaty. The tariffs will be within the guidelines of the World Trade Organisation and the Mexican government would be sensitive to any impacts on production or prices, he said. Amador did recognise that the measures are happening within the discussion and future commercial conversations with our North American partners, but insisted the goal was strengthening domestic production and consumption, as well as reducing trade deficits. Mexico has been engaged in increasingly difficult trade negotiations with the Trump ...

The application window for new government scheme will likely open within the next few weeks and will remain open for a minimum of 120 days

India levies import taxes of 2.5 per cent on ethane, mainly used as a feedstock for producing petrochemicals, and propane and butane

Chinese state-owned automotive giant SAIC Motor will pay the top tariff of 35.3 per cent, BYD 17 per cent, and Geely 18.8 per cent, in addition to the standard 10 per cent EU import duty

The move could lift edible oil prices and dampen demand and subsequently reduce overseas purchases of palm oil, soyoil and sunflower oil

A proposal has been made by the farm ministry and a final decision will be made by the Department of Revenue, which falls under the finance ministry, said another government official

Almost 10-12% of the Apple iPhones are imported each year into India and a 5% reduction in tax on the devices will result in a $35-50 million annual benefit to Apple

The CBIC on Friday listed out parts or components, such as touch panel, cover glass, LED backlight, which constitute the display assembly of a mobile phone and will attract 10 per cent import duty. It also said components, including frame, SIM tray, side keys like power/volume button, when fitted/attached to the display assembly, that integrated display assembly can be imported at the concessional 10 per cent customs duty. In a circular, the Central Board of Indirect Taxes and Customs (CBIC) said currently a concessional basic custom duty (BCD) rate of 10 per cent is imposed on display assembly for use in manufacture of a cellular mobile phone and a nil BCD rate on inputs or parts for use in manufacture of a display assembly for use in manufacture of a cellular mobile phone. It said certain cases of misdeclaration by importers were intercepted by the Directorate of Revenue Intelligence (DRI) and other field formations and demand notices were issued in certain cases as well. With th

Reducing import duties on inputs and capital goods could help the government cut down the need for many of the existing export schemes, think tank GTRI said on Friday. This would be an important step as India continues to face challenges in managing these incentives within the framework of international trade laws, it said. The Global Trade Research Initiative (GTRI) said that many countries, including major trade partners of India like the European Union (EU) and the US continue to declare Indian schemes as subsidies and punish exporters by charging countervailing duties. America and the EU account for over 20 per cent of the country's total outbound shipments. At present, India is implementing many schemes to facilitate exports. These include the Advance Authorisation Scheme (AAS), Export Promotion Capital Goods Scheme (EPCGS), Duty Drawback Scheme (DDS), the Remission of Duties and Taxes on Exported Products (RoDTEP), Special Economic Zones (SEZ), Export Oriented Units (EOUs); .

For FY23, India's total merchandise imports stood at $714 billion, which is 16.5% more than last year. This has resulted in a rising current account deficit

Gold consumption surged to 800 tons last year as the easing of virus-related restrictions unleashed demand. The jump in demand and rising imports forced the government to raise the import tax on gold

India on Wednesday slashed its base import tax on crude palm oil, crude soyoil and crude sunflower oil to zero from 2.5%

The tax reduction could increase imports of soyoil and sunflower oil in Sept, although a big jump is unlikely as the lower duty is only applicable for a short period until Sept. 30

Tesla Inc has written to Indian ministries seeking a big reduction in import duties on electric vehicles, a move it says will boost demand and generate revenue for the government, two sources said

India imports around 9 million tonnes of palm oil annually, mainly from Indonesia and Malaysia.

Questions from exporter, travel agent, packing company about taxes answered.

To protect local mills hit by cheaper supplies from overseas