Latest news with #CustomsTariff
Time of India
19-05-2025
- Business
- Time of India
DGFT updates import policy to match customs tariff changes in budget 2025
The Directorate General of Foreign Trade (DGFT), under the commerce ministry, on Monday notified changes to align India's import policy schedule with modifications made in the Customs Tariff through Budget 2025, particularly in the segment of precious metals. The move aims to ensure consistency between customs duty structures and regulatory frameworks for imports, PTI news reported. As part of the Budget, new Harmonised System (HS) codes were introduced for several key products, including gold dore, silver dore, and platinum with a purity of at least 99 per cent. These changes enhance the tracking and classification of semi-processed metal forms, which are sometimes used to circumvent higher import duties applicable to fully refined metals. A notable complexity addressed in the update involves platinum alloys. According to the rules set by the World Customs Organisation (WCO), any product containing as little as 1 per cent platinum could be classified as a platinum alloy. Global Trade Research Initiative (GTRI) pointed out that some importers exploited this provision to import gold items—containing up to 99 per cent gold—from Dubai, falsely labelling them as platinum alloy to benefit from lower import duties under the India-UAE free trade agreement (FTA). by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like These Are The Most Beautiful Women In The World Undo "To block this misuse, the government in the Budget introduced a new HS code specifically for platinum containing 99 per cent or more pure platinum," GTRI said. Under the updated import policy, only this high-purity platinum category is eligible for preferential duty benefits under the UAE trade pact. Imports with other platinum compositions now face restrictions, effectively shutting down the misuse of the FTA by routing gold into India under the guise of platinum. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Zawya
21-04-2025
- Business
- Zawya
Saudi: ZATCA opens licensing for customs consultants
RIYADH — The Zakat, Tax and Customs Authority (ZATCA) has announced that individuals interested in entering the customs consulting field can now apply for a license to practice the profession, as part of a broader effort to raise professional standards and improve the quality and efficiency of customs services. In a press release, ZATCA stated that applications for the Customs Consulting License are now open through the E-Services portal on its official website. Applicants must meet all stipulated requirements and criteria to be eligible for licensing. This initiative aims to professionalize and advance the customs consulting sector by ensuring consultants are equipped to provide accurate and reliable guidance. The licensing system is designed to strengthen compliance with customs regulations, including the Customs Tariff, Customs Valuation, Rules of Origin, and other key procedural areas. By empowering licensed consultants to deliver high-quality advisory services, ZATCA seeks to enhance trade facilitation, promote regulatory clarity, and support the Kingdom's vision of becoming a leading global logistics hub. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Saudi Gazette
18-04-2025
- Business
- Saudi Gazette
ZATCA opens licensing for customs consultants
Saudi Gazette report RIYADH — The Zakat, Tax and Customs Authority (ZATCA) has announced that individuals interested in entering the customs consulting field can now apply for a license to practice the profession, as part of a broader effort to raise professional standards and improve the quality and efficiency of customs services. In a press release, ZATCA stated that applications for the Customs Consulting License are now open through the E-Services portal on its official website. Applicants must meet all stipulated requirements and criteria to be eligible for licensing. This initiative aims to professionalize and advance the customs consulting sector by ensuring consultants are equipped to provide accurate and reliable guidance. The licensing system is designed to strengthen compliance with customs regulations, including the Customs Tariff, Customs Valuation, Rules of Origin, and other key procedural areas. By empowering licensed consultants to deliver high-quality advisory services, ZATCA seeks to enhance trade facilitation, promote regulatory clarity, and support the Kingdom's vision of becoming a leading global logistics hub.
