Latest news with #621
New Paper
3 days ago
- New Paper
Nearly 200 travellers fined for not declaring large cash amounts, evading GST and taxes on tobacco
Close to 200 travellers were caught at the land, sea and air checkpoints for not declaring more than $20,000 in cash, or not declaring or paying taxes on tobacco and other goods. The authorities nabbed 14 foreign travellers carrying cash exceeding $20,000 or the equivalent in foreign currency into or out of Singapore without making a declaration or declaring inaccurate amounts. Four of them, men aged between 26 and 71, were caught on May 21 bringing cash of various currencies amounting to between $20,700 and $380,139 across Singapore borders. Another traveller, a 55-year-old man, was caught two days later making an inaccurate declaration when moving $399,965 and RM1,621 (S$490) into Singapore. The cash is suspected to be linked to the traveller's unlicensed moneylending activities, said the authorities. The offenders were caught during a week-long operation carried out by government agencies between May 21 and May 27, said the Singapore Police Force, Immigration and Checkpoints Authority, Central Narcotics Bureau, Singapore Customs, National Parks Board, and Health Sciences Authority in a joint statement on May 31. During the week-long operation, the authorities conducted enhanced checks on travellers and vehicles at the checkpoints. PHOTO: SINGAPORE POLICE FORCE Four of the 14 travellers were given warnings, while seven were fined a total of $27,000. Others are still under probe, and one has been charged with possessing property obtained from criminal activities. During the operation, the authorities conducted checks on travellers and vehicles at the checkpoints. More than 19,000 travellers and 1,600 vehicles were identified for checks, and more than 26,000 pieces of luggage and hand-carry bags were scanned or searched, the statement said. During the week-long operation, the authorities conducted enhanced checks on travellers and vehicles at the checkpoints. PHOTO: SINGAPORE POLICE FORCE It is a crime not to report cash or currency of more than $20,000 when crossing Singapore's borders. If found guilty, offenders can be fined up to $50,000, jailed for up to three years, or both. The cash can also be confiscated. "Smuggling cash across borders is a way by which criminals launder proceeds of crime. Singapore will not tolerate such activities, said Commercial Affairs Department director David Chew. During the week-long operation, the authorities conducted enhanced checks on travellers and vehicles at the checkpoints. PHOTO: SINGAPORE POLICE FORCE Other travellers were found with Pop Mart toys and branded shoes, which they failed to declare. The authorities caught 153 travellers for failing to declare and pay taxes on cigarettes or tobacco products, liquor exceeding the duty-free allowance, or goods exceeding goods and services tax import relief allowances, such as souvenirs and gifts. During the week-long operation, the authorities conducted enhanced checks on travellers and vehicles at the checkpoints. PHOTO: SINGAPORE POLICE FORCE The total duty and GST evaded by these travellers amounted to $10,754, and they were fined a collective $35,165. In one case, a traveller was caught carrying 20 packets of duty-unpaid cigarettes. Another had undeclared luxury goods and PopMart toys, while a third had four litres of Chinese liquor in excess of duty-free allowances. A traveller did not declare the four litres of Chinese liquor that was in excess of his duty-free allowance. PHOTO: SINGAPORE CUSTOMS On May 26, five male travellers aged between 26 and 45 were caught possessing e-vaporisers upon entering Singapore. HSA officers seized five e-vaporisers and fined the travellers. Anyone found guilty of the fraudulent evasion of Customs or excise duties can face a fine of up to 20 times the amount evaded, or a jail term of up to two years.
Straits Times
3 days ago
- Straits Times
Nearly 200 travellers fined for not declaring large cash amounts, evading GST and taxes on tobacco
A traveller was caught for not declaring his GST-payable items, which include collectible toys and a pair of branded shoes. PHOTO: SINGAPORE CUSTOMS Nearly 200 travellers fined for not declaring large cash amounts, evading GST and taxes on tobacco SINGAPORE - Nearly 200 travellers were caught at the land, sea and air checkpoints for not declaring more than $20,000 in cash, not declaring or paying taxes on tobacco and other goods. The authorities nabbed 14 foreign travellers carrying cash exceeding $20,000 or the equivalent in foreign currency into or out of Singapore without making a declaration or declaring inaccurate amounts. Four of them, men aged between 26 and 71, were caught on May 21 bringing cash of various currencies amounting to between $20,700 and $380,139 across Singapore borders. Another traveller, a 55-year-old man, was caught two days later making an inaccurate declaration when moving $399,965 and RM1,621 (S$492) into Singapore. The cash is suspected to be linked to the traveller's unlicensed moneylending activities, said the authorities. The offenders were caught during a week-long operation carried out by government agencies between May 21 and May 27, said the Singapore Police Force, Immigration and Checkpoints Authority, Central Narcotics Bureau, Singapore Customs, National Parks Board, and Health Sciences Authority in a joint statement on May 31. During the week-long operation, the authorities conducted enhanced checks on travellers and vehicles at the checkpoints. PHOTO: SINGAPORE POLICE FORCE Four of the 14 travellers were given warnings, while seven were fined a total of $27,000. Others are still under probe, and one has been charged with possessing property obtained from criminal activities. During the operation, the authorities conducted checks on travellers and vehicles at the checkpoints. More than 19,000 travellers and 1,600 vehicles were identified for checks, and more than 26,000 pieces of luggage and hand-carry bags were scanned or searched, the statement said. During the week-long operation, the authorities conducted enhanced checks on travellers and vehicles at the checkpoints. PHOTO: SINGAPORE POLICE FORCE It is a crime not to report cash or currency of more than $20,000 when crossing Singapore's borders. If found guilty, offenders can be fined up to $50,000, jailed for up to three years, or both. The cash can also be confiscated. 'Smuggling cash across borders is a way by which criminals launder proceeds of crime. Singapore will not tolerate such activities, said the police commercial affairs department director David Chew. During the week-long operation, the authorities conducted enhanced checks on travellers and vehicles at the checkpoints. PHOTO: SINGAPORE POLICE FORCE Other travellers were found with Pop Mart toys and branded shoes, which they failed to declare. The authorities caught 153 travellers for failing to declare and pay taxes on cigarettes or tobacco products, liquor exceeding the duty-free allowance, or goods exceeding goods and services tax import relief allowances, such as souvenirs and gifts. During the week-long operation, the authorities conducted enhanced checks on travellers and vehicles at the checkpoints. PHOTO: SINGAPORE POLICE FORCE The total duty and GST evaded by these travellers amounted to $10,754, and they were fined a collective $35,165. In one case, a traveller was caught carrying 20 packets of duty-unpaid cigarettes. Another had undeclared luxury goods and Popmart toys, while a third had four litres of Chinese liquor in excess of duty-free allowances. A traveller did not declare the four litres of Chinese liquor that was in excess of his duty-free allowance. PHOTO: SINGAPORE CUSTOMS On May 26, five male travellers aged between 26 and 45 were caught possessing e-vaporisers upon entering Singapore. HSA officers seized five e-vaporisers and fined the travellers. Anyone found guilty of the fraudulent evasion of customs or excise duties can face a fine of up to 20 times the amount evaded, or a jail term of up to two years. Join ST's WhatsApp Channel and get the latest news and must-reads.
Yahoo
27-03-2025
- Automotive
- Yahoo
UK car output down 7.6% in February
UK car and commercial vehicle production declined by 11.6% in February, to 82,178 units, according to the latest figures released by the Society of Motor Manufacturers and Traders (SMMT). The SMMT said multiple factors were at play in the month's decline over last year, notably soft markets at home and overseas, model changeovers and plant restructuring. February marked the 12th consecutive month of decline for car manufacturing down 7.6% to 73,814 units. Export volumes were up 1.3% to 60,034 units. Car production for the UK market, meanwhile, fell 33.3% to 13,780 units. UK production of battery electric, plug-in hybrid and hybrid cars fell 5.6% to 27,398 units in the month, but still boosted their share marginally to 37.1%, from 36.3% last February. In the year-to-date these electrified cars have taken a 39.6% share of production, up from 36.0% a year ago, with a more modest -2.1% fall in volumes compared with overall output down -11.0%. Commercial vehicle (CV) output fell 35.9% to 8,364 units, driven primarily by less van production and following last year's February performance, which was the best since 2008 when output almost doubled. CV columes were driven by domestic demand, accounting for 55.2% of output with volumes up by more than half to 4,621 units. CV exports, however, fell 62.7% to 3,743 units (with 93.8% heading to the EU, reflecting a drop of 5,956 units shipped to the bloc). The SMMT said overall performance reflects the challenges the sector faces globally. It said measures are needed 'urgently' to bolster the UK's competitiveness and drive consumer demand. The SMMT noted that yesterday's Spring Statement by the UK Chancellor, offered no support for the industry or consumers, and said it 'represented a missed opportunity and will delay further the sector's ability to deliver growth for the UK economy'. It said the forthcoming Industrial and Trade strategies must, therefore, be 'fast-tracked to signal the UK is open for business, and the £2 billion promised by government via the Automotive Transformation Fund rolled out immediately'. The trade body also called for a cancelling of the VED Expensive Car Supplement for EVs, as well as cutting VAT on public charging and new BEV sales, extending the Plug-in Truck Grant and introducing mandatory targets for infrastructure rollout. This, it said, would back the industry's billions of pounds of investment in new factories, models and discounts, and embolden consumers and operators to make the switch. Mike Hawes, SMMT Chief Executive, said: 'These are worrying times for UK vehicle makers with car production falling for 12 months in a row, rising trade tensions and weak demand. The market transition is not keeping pace with ambition and, while the industry can deliver growth – and green growth at that – it needs policies to deliver that reality. "It was disappointing, therefore, to hear a Spring Statement that did nothing to alleviate the pressure on manufacturers and, moreover, confirms the introduction next month of additional fiscal measures which will actually dissuade consumers from investing. Without substantive regulatory easements our manufacturing viability remains at risk and the UK's transition to zero emission mobility under threat.' "UK car output down 7.6% in February" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Gulf Today
26-03-2025
- Business
- Gulf Today
CBUAE imposes financial sanctions on 5 banks, 2 insurance companies
The Central Bank of the UAE (CBUAE) imposed financial sanctions totalling AED2,621,000 on five banks and two insurance companies operating in the UAE for non-compliance with the reporting procedures required by the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) guidelines. The sanctions were imposed due to the institutions' failure to meet compliance standards, particularly in due diligence and the accuracy of financial reporting, despite the CBUAE granting all licenced financial institutions ample time for rectification. The CBUAE affirmed that this step enhances the quality of the UAE's financial system, and aligns with its commitment to global initiatives promoting the integrity and transparency of tax systems and combat tax evasion, thereby preserving the UAE's position as a financial centre adhering to global best practices. WAM
Arabian Business
25-03-2025
- Business
- Arabian Business
UAE Central Bank imposes AED2.6mn in sanctions on financial institutions
The Central Bank of the United Arab Emirates (CBUAE) has levied financial sanctions worth AED2,621,000 on five banks and two insurance companies for failing to comply with international reporting standards. The sanctions stem from the institutions' non-adherence to reporting procedures mandated by the Common Reporting Standard (CRS) and Foreign Account Tax Compliance Act (FATCA) guidelines. Specifically, the financial institutions did not meet compliance standards in crucial areas of due diligence and financial reporting accuracy, according to a statement by the Emirates News Agency (WAM), which added that the CBUAE had previously provided licensed financial institutions sufficient time to rectify these shortcomings. The central bank emphasised that the sanctions align with global initiatives aimed at promoting tax system integrity and transparency, and combating tax evasion.
