Bangladesh
Abolish sugar import duties
On February 26,, Xinhua reported that the Bangladesh National Revenue Agency (NBR) has canceled import tariffs on raw sugar and refined sugar to enable consumers to obtain sweeteners at lower prices. According to the notice, NBR has withdrawn the import specific tariff of 3000 taka (about 28 US dollars) per ton of raw sugar and the tariff of refined sugar 6000 taka, with immediate effect. In addition to this, NBR reduced the import regulatory duty on sugar from 30% to 25%. It was reported that after the Ministry of Commerce proposed to reduce the price of sugar from the current record level to 120 taka per kilogram, the reduction of import preferences will last until May 30 this year.
Brazil
Temporary abolition of 6 kinds of goods import tariffs
a few days ago, Brazilian Vice President and Minister of Industry and Trade Alckmin announced through social media that import tariffs on six commodities, including two kinds of steel, two kinds of aluminum plates, bracelets for measuring blood pressure and pulse, and radar antennas, will be canceled for a period of one year. Previously, import tariffs on the above-mentioned goods ranged from 12% to 16%.
Continued suspension of countervailing duties on China's aluminum panels
March 21, Brazil's development, industry, trade and services Foreign Trade Commission Management Executive Committee issued 2023 No. 458 resolution, for domestic public interest considerations, decided from April 1, 2023, will be suspended from China's Brazilian imports of aluminum rolling products to impose final countervailing duties for up to three months.
Continued suspension of China's hot-rolled steel plate countervailing duties
On March 21,, the Management and Executive Committee of the Foreign Trade Commission of the Ministry of Development, Industry, Trade and Services of Brazil issued Resolution No. 457 of 2023, deciding to continue to suspend the final countervailing duty on hot-rolled steel plates originating in China until the end of the validity period (May 21, 2023). The products involved are alloy or non-alloy hot-rolled steel plates with a width of not less than 600mm and a thickness (non-coil products) of less than 4.75mm (the thickness of coil products can be any value).
Argentina
Raise tablet import tariffs
On March 14, the Argentine government issued Administrative Resolution No. 136/2023, raising the import tariffs on four types of tablets and notebooks from 0 to 8% (Mercosur customs codes are 8471.30.12, 8471.30.19 and 8471.30.90) and 16% (Mercosur customs codes are 8471.30.11) to boost the national industrial productivity of portable computer equipment.
Imposition of anti-dumping duties on high-speed steel saw blades for Chinese hand saws
On March 23, the Argentine Ministry of Economic Affairs issued Announcement No. 331 of 2023, which made the second anti-dumping sunset review of high-speed steel saw blades originating in China, and maintained the original Argentine Ministry of Production No. 398 of 2017 The 0.46 US dollars/anti-dumping duty determined by the announcement will take effect from the date of the announcement and will be valid for 5 years.
Turkey
On China's imports of pure electric vehicles to impose 40% tariff
March 3, according to foreign media reports, according to Turkey's official gazette announced a presidential decision shows that Turkey has from China's imports of pure electric vehicles to impose 40% additional tariffs.
anti-dumping duty on china base metal welding wire
On February 28,, Turkey's Ministry of Trade issued Announcement No. 2023/9, making the second anti-dumping sunset review affirmative final ruling on base metal welding wires originating in China, and continuing to impose anti-dumping duties on the enterprises involved at CIF (CIF). Among them, Shanghai Lincoln Electric Co., Ltd. (The Shanghai Lincoln Electric Co., Ltd.) and Super Tech Co., Ltd. The anti-dumping duty of 21.12 per cent is applicable to all other Chinese enterprises, and the anti-dumping duty of 28.87 per cent is applicable for a period of 5 years.
Russia
raise the next week's wheat and corn export duties
the Russian Ministry of Agriculture issued a notice to increase the export tariffs (in rubles) on wheat and corn for the coming week. From March 29 to April 4, the benchmark price of Russian wheat and mixed wheat is US $295.9 per ton, and the export duty is 5409.69 rubles per ton. The benchmark price for barley is set at $241.0 per tonne and the export duty is 3245.3 rubles per tonne. The benchmark price of corn is $234.3 per ton and the export tariff is 2885.0 rubles/ton.
Proposed to impose up to 50% tariffs on furniture imports from Europe
According to Wood Cloud Platform, the Russian Association of Furniture and Woodworking Enterprises (AMDPR) recently proposed that the inclusion of IKEA products in the list of products that allow "parallel imports" runs counter to the need to restrict the supply of unfriendly countries to the Russian market. It is understood that AMDPR has prepared a series of proposals for the Ministry of Industry and Trade, including the proposal to impose a tariff of up to 50% on furniture from Europe.
Unfriendly countries companies to withdraw from the Russian market to pay half of the asset value of 10%.
On March 28,, according to the Russian Satellite News Agency, according to excerpts from the minutes of the special committee meeting published by the Russian Ministry of Finance, companies from unfriendly countries must pay at least 10% of half of their market value to the Russian budget when their assets withdraw from Russia. The summary also says that if an asset is sold at a market value discount of more than 90%, the company must voluntarily pay not less than 10% of the corresponding asset market value.
Travel agencies exempt from VAT until June 2027
Russian "businessman" reported on March 8 that Russian President Vladimir Putin instructed to amend the legislation before June 1, stipulating that the value-added tax on domestic and inbound tourism enterprises will be exempted from January 1, 2023 to June 30, 2027. In addition, Putin instructed to increase the amount of preferential loans for hotel construction, to provide preferential loans to tourism organizations and individual entrepreneurs, and to develop the Sea of Azov-Black Sea fast-track national support initiatives.
India
Mustard Oil Producers Association Calls for Palm Oil Import Tax Increase of 20%-25%
According to the Times of India, the mustard oil industry is demanding a 20-25% increase in palm oil import duties to limit palm oil imports and boost local prices.
United States
Plans to impose 3.76 percent duty on 185 Indian shrimp exporters
According to Seafood Media, the U.S. Department of Commerce plans to impose a 3.76 percent tax rate on 185 Indian shrimp exporters, mainly engaged in warm water shrimp and frozen shrimp exports, in the 17th administrative review. Since 2013, India has been the largest exporter of shrimp to the United States. In 2022, India will export 303574 tons of shrimp to the United States.
Korea
Imposition of anti-dumping duties on China-related seamless copper tubes
On March 2,, the Ministry of Planning and Finance of South Korea issued Announcement No. 2023-58. According to Order No. 964 of the Ministry of Planning and Finance, it decided to formally impose a five-year anti-dumping duty on seamless copper pipes originating in China and Vietnam from now on., China is 16.52-18.12, Vietnam is 9.98-14.78; anti-dumping duties will not be levied on enterprises that have reached price commitments. The products involved are refined copper pipes with an outer diameter greater than or equal to 3.80mm and less than or equal to 28.58mm, a thickness greater than or equal to 0.20mm and less than or equal to 2.00mm, and a length greater than or equal to 50 meters.
Semiconductor and other strategic industry tax credits up to 25%
According to the Financial Association, the Planning and Finance Committee of the South Korean National Assembly held a plenary meeting on March 22 and passed the amendment to the "Tax Excess Control Act" of the so-called "Korean Chip Act. Its core content is to increase the deduction tax rate for equipment investment projects in national strategic industries such as semiconductors. South Korea's national strategic industries include semiconductors, secondary batteries, vaccines, displays, and future travel tools such as hydrogen energy, electric vehicles, and autonomous vehicles. In terms of specific tax deductions, large and medium-sized backbone enterprises have increased from the current 8 per cent to 15 per cent, while small and medium-sized enterprises have increased from 16 per cent to 25 per cent. A 10 per cent tax credit will be granted for the portion that is greater than the average annual investment in the last three years until the end of this year. As a result, large enterprises and small and medium-sized enterprises are expected to enjoy up to 25% and 35% tax credits.
Vietnam
Continued imposition of safeguard tax on imported billets and bars
According to the China Trade Relief Information Network, on March 24, Vietnam's Ministry of Industry and Trade issued a resolution to extend the safeguard tax on imported steel billets and steel bars, as well as imported wire rod, as follows: March 22, 2023-March 21, 2024-March 21, 2025-March 21, 6.2, 2025-March 22, 2026-March 21, 2026-6.1, and March 22, 2026-termination of safeguard measures.
Colombia
Anti-dumping duties on China's non-stainless steel oil and gas well pipes
On March 14,, Colombia's Ministry of Trade, Industry and Tourism issued Resolution No. 045 of 2023, making a final anti-dumping sunset review ruling on non-stainless steel oil and gas well pipes originating in China, and deciding to continue to impose a FOB minimum price of 1913.92 USD/ton on the products involved. For the products involved whose FOB declared price is lower than the minimum price, anti-dumping duties equivalent to the difference between the minimum price and the declared price will be levied. The resolution takes effect from the date of publication for a period of five years.
Madagascar
Imposition of a safeguard tax on imported coatings
On 10 March, the WTO Committee on Safeguards published the Safeguards Notification submitted to it by the Malagasy delegation on that date. Madagascar made a positive final ruling on the safeguard measures for imported coatings, ruled that the surge in imports of the products involved caused substantial damage or threat of damage to Madagascar's domestic industry, and proposed to implement safeguard measures on the products involved in the case by way of quotas, and impose an 18% safeguard tax on the products involved in the case whose imports exceed the quota, valid for 4 years.
United Kingdom
anti-dumping duties imposed on china high anti-fatigue concrete steel bars
On March 1, the British Trade Remedy Agency (TRA) issued an announcement on the high anti-fatigue performance of concrete steel bars originating in China to make an anti-dumping transitional review of the final ruling, ruled that the relevant enterprises to impose anti-dumping duties, the tax rate of 18.4 to 22.5%.
Grenada
Exemption of creative industries from customs duties and VAT
According to the Economic and Trade Window of the Chinese Embassy in Grenada, in order to support investment and participation in creative industries, the Grenadian government has launched an incentive measure called "trade tool" to implement tariff exemption (CET) and value-added tax (VAT) preferential policies for creative industries from March 1. The recipients are as follows: First, registered as cultural and creative practitioners or enterprises; second, registered as retail enterprises producing creative goods and services; the third is to register as an educational and community organization providing training in the creative and cultural industries. You can apply online to the Grenada Office of Creative Affairs (GOCA) for tax-free benefits.
Increase some consumer goods value-added tax and consumption tax
According to a report on the "Grenada Today" website on March 1, from now on, the government will increase the value-added tax (VAT) and consumption tax on refined sugar, carbonated beverages, tobacco, and alcohol products. Among them, refined sugar was removed from the zero VAT rate list, the VAT on sugar-containing products was increased to 20 per cent, the excise tax on all tobacco products was increased from 105 per cent to 200 per cent, and the excise tax on alcohol products was increased from $1.10 and $4.40 per litre to $1.50 and $5 per litre, respectively.
Saudi Arabia
In Riyadh to set up regional headquarters of multinational enterprises will enjoy tax relief
Recently, Saudi investment minister Khalid Falih (Khalid Al-Falih) said in an interview with the media that the government will soon introduce specific measures to give preferential tax relief policies to multinational enterprises that move their regional headquarters to Riyadh in 2023 and plan to sign contracts with the government. The overall principle of the policy is that for the regional headquarters special purpose vehicle (RHQ SPV) established in Saudi Arabia, the tax payment is almost negligible due to the limited profit amount. Multinational enterprises that do not operate in Saudi Arabia pay taxes at the entity's location to avoid confusion with regional headquarters.
Thailand
Approval of Border Special Economic Zones Exempted from Income Tax for 8 Years Investment Promotion Measures
According to a recent report by Thailand's Sing Siam Daily, Deputy Spokesperson of the Prime Minister's Office Le Chaida said that the government has now introduced measures to promote investment in 10 border special economic zones, including Dafu, Chiang Rai, Nong Khai, Nakong Phanong, Morah, Sakai, Dalat, Songkhla, Taogong, and Kanchanaburi. The investment covers 13 categories. For the target business type (89 categories), the following rights and interests will be granted: exemption from machinery import tax; exemption from corporate income tax for a period of 8 years, accounting for no more than 100 of the investment, excluding land and working capital costs; From the date of expiration of the exemption from corporate income tax, the net profit from investment within 5 years will be reduced by 50% of corporate income tax; for a period of 10 years from the date of income from the first operation of the business, a double deduction is allowed for the cost of transportation, electricity and water supply; in addition to the normal depreciation deduction, a deduction of 25% of the investment in the installation or construction of facilities is allowed; and import duties on raw materials and materials necessary for export production are exempted for a period of 5 years. For general business items, exemptions from machinery import duties and additional corporate income tax will be granted.
Land and Buildings Tax Drops 15% for One Year
According to the Thai World Daily, the government gazette published a temporary regulation on the 21st, announcing a 15% overall reduction in land and building taxes in 2023, including land used for agricultural cultivation, land or buildings used for residential purposes, all kinds of land and buildings other than the above two types of uses, and idle vacant land or undeveloped land. Valid for 2023 tax years only and retroactively from March 16, 2023.
Cambodia
Capital gains tax will take effect on January 1 next year.
According to the Business Office of the Chinese Embassy in Cambodia, the Cambodian government will formally levy a capital gains tax from January 1, 2024, levying a 20% tax on profits from the sale of capital, including real estate. Under the capital gains tax, the asset buying and selling activities of tax residents, including real estate, asset leasing, asset investment, corporate trademarks, intellectual property rights and foreign currency, will be subject to capital gains tax; only government and foreign embassy assets, or tax Resident-owned resident residence (limited to one and held for no less than 5 years) will be exempt from capital gains tax.
Uruguay
Plan to cut taxes for small and micro businesses
According to a report by the Uruguayan "Observer" on March 2, President Urakale announced in Parliament that the government will implement a series of measures to deepen support for small and micro enterprises. The Ukrainian government estimates that all the announced measures will reduce taxes by $40 million. The first measure is to modify the income tax on economic activities (IRAE) system from a fixed rate based on income level to a progressive rate. The second measure is to exempt companies that earn more than 305000 index units (about 1.727 million pesos) in one fiscal year from IRAE tax for the next two fiscal years. The third measure is to raise the tax ceiling on the disposal of agricultural assets from 2 million index units to 2.5 million index units. The fourth is a single taxpayer tax relief.
Announcing personal income tax and social security assistance tax cuts
According to a report in Uruguay's "El Pais" on March 3, President Rakal announced in Congress measures to reduce the personal income tax IRPF and the social security assistance tax IASS. In terms of personal income tax, the tax credit for low-income people increased from 10% to 14%; The amount of personal tax deduction for raising minors was increased from 73580 pesos to 113200 pesos (about US $2830) per year. The amount of personal tax deduction for rental housing increased from 6% of the rent to 8%; In terms of individual tax deduction for installment loans for house purchase, the upper limit of the total amount of housing that can enjoy deduction measures will be raised from US $109000 to US $137500. In terms of social security assistance tax, the threshold was increased from 45280 pesos to 50940 pesos (about 1274 US dollars).
Source: Ningbo Shipping