Latest news with #FTA
Time of India
13 hours ago
- Health
- Time of India
Domestic med-tech companies flag security threat from Chinese devices
Indian medical tech leaders have voiced concerns to the government regarding the security risks associated with importing Chinese healthcare devices. They highlighted potential misuse for surveillance, cyberattacks, and data breaches, urging stricter scrutiny and measures to prevent rerouting via other countries. Manufacturers also seek streamlined regulations and policy support to boost domestic production and achieve self-reliance. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads New Delhi: India's medical tech leaders have urged the government to scrutinise imports of Chinese healthcare devices , citing security threat as these modern machines can be potentially misused for surveillance, cyberattacks and data a recent meeting with commerce and industry minister Piyush Goyal, domestic manufacturers raised concerns over increasing deployment of Chinese imagining and monitoring equipment in healthcare facilities across the country."Chinese products are everywhere in the market and data is going to the Chinese companies," an industry executive who attended the meeting told ET. "Medical devices are not just medical devices, they can be means of military defence."Keeping in view the gravity of the situation, the government has agreed to take up the matter at the highest level, industry executives medical equipment such as MRI machines, pacemakers, and diagnostic devices often come with internet connectivity and cloud-based data storage. They can be used as tools in grey zone warfare. Hence, it is important not to source these products from hostile nations, manufacturers also urged the government to put in place necessary checks and balances to ensure there is no re-routing of Chinese devices via other countries."Without firing a single bullet, a hostile nation can rig the devices (with bugs or malware) and use them as secret weapons," a second executive said."Population health data can be misused by Chinese firms using Chinese-owned medical devices, especially IoT (internet of things)-enabled imagining and monitoring equipment," the person said. "A lot of such equipment is installed in the country."Some countries have already banned imports of medical equipment from certain countries and companies, device manufacturers also flagged issues regarding indirect dumping of Chinese products via transit countries such as Hong Kong, Malaysia, Singapore or other countries that have a free trade agreement (FTA) with US is the dominant supplier of medical equipment to India, with an estimated 18% share (shipping devices worth ₹12,552 crore in 2023-24), China is a close second with 16.4% share (₹11,506 crore in FY24).In the meeting early this month, Indian medical device manufacturers and exporters also highlighted challenges they face, including high regulatory costs, long approval timelines, and a lack of focused product strategy. "Streamlining regulatory processes and enhancing policy support are seen as essential steps to revive growth and move towards a self-reliant Atmanirbhar Bharat," said an executive who attended the Nath, forum coordinator at Association of Indian Medical Device Industry (AiMeD), urged the government to act on the six strategy frameworks announced in the National Medical Devices Policy, 2023, aimed at making India a global manufacturing hub. This is crucial "considering the potential adverse impact of US trade negotiations seeking duty reductions for their medical devices" as part of the proposed India-US bilateral trade pact, he said.
The Hindu
14 hours ago
- Politics
- The Hindu
Ties in region back in focus with PM's forthcoming visit to Maldives
Ties in the neighbourhood will come back into focus next week as Prime Minister Narendra Modi will visit Male on July 25-26 for the Independence Day of the Maldives, and sources say a long-pending visit by Nepal's Prime Minister K.P. Sharma Oli to New Delhi is being planned shortly after his return. Mr. Modi was expected to travel to the U.K. to sign the Free Trade Agreement (FTA) with British Prime Minister Keir Starmer, but officials said the trip, which is still being planned for July 24, has not been 'finalised' and could be delayed. Mr. Modi is expected to land in Male on July 25, and will be given a ceremonial welcome. He will hold bilateral talks with Maldives' President Mohamed Muizzu, who visited India in June 2024 for Mr. Modi's swearing-in ceremony and then for a State visit in October. Among a number of development initiatives, both sides are expected to build on the launch of digital payment system UPI and mechanisms to increase tourist arrivals between both countries, officials working on the visit said. On July 26, Mr. Modi has been invited as a guest to the Independence Day parade and other special ceremonies to mark 60 years of the Maldives getting independence from the British in 1965. The invitation was announced by Maldives Foreign Minister Abdulla Khaleel during his visit to India in May this year. Officials said that India and the U.K. have also been discussing a short visit to London by Mr. Modi before he travels to Male, on July 24, to sign the FTA that was announced by him and Mr. Starmer on May 6. However, it is understood that some technical and 'legal scrubbing' is still required to be finished, and the trip may require to be put off or held after the Male visit. The visit to the Maldives is significant as it marks Mr. Modi's first visit to the neighbouring country since the election of Mr. Muizzu in November 2023. Ties between India and Maldives hit a rough patch over the 'India Out' campaign that Mr. Muizzu had backed during his campaign, and the 'Boycott Maldives' social media campaign that followed over criticism of Mr. Modi by Maldivian Ministers. However, the two sides subsequently resolved issues, after India agreed to replace military personnel stationed there for aircraft management with civilian engineers. India has also increased its Lines of Credit and outlay to Maldives from ₹470 crore in 2024-25 to ₹600 crore in the latest budget, and extended a much needed currency swap facility to help Maldives with its debt repayment crisis last year. Diplomatic sources further said that India is expected to host Nepal's Prime Minister K.P. Sharma Oli later this month and that discussions are on. Mr. Oli was one of the first regional leaders to condemn the terrorist attack in Pahalgam and, subsequently, India accommodated Nepalese citizens while airlifting stranded nationals from Iran against the backdrop of the Iran-Israel conflict. Mr. Oli in recent months, has also praised India for supporting the democratic process in post-monarchy Nepal. While plans are underway for the visit, there are also internal political developments in Nepal that will be taken into consideration at the planning stage. On Wednesday (July 16, 2025), Janata Samajbadi Party-Nepal (JSP-N), withdrew support to Mr. Oli's government, reducing the ruling coalition to a minority in the Upper House of the Nepalese Parliament — National Assembly. Mr. Oli's India proposed visit has acquired heightened attention as he was sworn in on July 15, 2024 but has not visited India till now, but had visited China in December last year.
Cision Canada
15 hours ago
- Business
- Cision Canada
Prime Minister Carney announces new measures to protect and strengthen Canada's steel industry Français
HAMILTON, ON, July 16, 2025 /CNW/ - Canada is one of the countries most exposed to the fundamental restructuring of the global steel industry, with substantial steel exports, high per capita use, and a disproportionately open import market. To remain competitive and grow our economy, Canada must reinforce our strength at home. Our objective is to stabilize the domestic steel market and prevent harmful trade diversion amid current tensions in global steel trade. Today, the Prime Minister, Mark Carney, announced a suite of targeted measures to stand behind Canada's steel industry, protect Canadian careers, and invest in our homegrown industrial capacity to build Canada strong. Canada's new government will: 1. Restrict and reduce foreign steel imports entering the Canadian market As stated on June 19, 2025, Canada's new government promised to review our tariff rate quotas for non-free trade agreement (FTA) partners in 30 days. To that end, the following changes to tariff rate quotas will take effect in the coming days. First, Canada will tighten the tariff rate quota levels for steel products from non-FTA countries from 100% to 50% of 2024 volumes. Above those levels, a 50% tariff will apply. Second, for non-U.S. partners with which we have an FTA, Canada will introduce a tariff rate quota level for steel products at 100% of 2024 volumes and apply a 50% tariff on steel imports above those levels. Existing arrangements with our CUSMA partners will remain the same, including no changes to our current trade measures with the U.S. The government is reviewing its remission framework to favour the use of Canadian steel and aluminum in Canadian-made products. Canada will reassess its existing trade arrangements with respect to steel, consistent with progress made in the bilateral discussions with the U.S. and taking into account broader steel negotiations. Canada will also implement additional tariffs of 25% on steel imports from all non-U.S. countries containing steel melted and poured in China before the end of July. These measures will ensure Canadian steel producers are more competitive by protecting them against trade diversion resulting from a fast-changing global environment for steel, creating more resilient supply chains, and unlocking new private capital in Canadian production. 2. Invest in Canadian steel workers and production Building on the enhancements to Employment Insurance (EI) and the EI Work-sharing, the government is investing $70 million in Labour Market Development Agreements to provide training and income supports for up to 10,000 affected steel workers. Through reskilling investments and increased worker supports, we will ensure workers have the skills and support they need to meet the future needs of the industry. To strengthen and ready the workforce to build a more resilient steel industry, Canada will provide $1 billion to the Strategic Innovation Fund to help steel companies advance projects that will increase their competitiveness within the domestic market, catalyze production of steel products not currently produced in Canada, and create jobs in sectors such as defence. The Business Development Bank of Canada Pivot to Grow initiative is being enhanced to provide support to eligible steel small and medium-sized enterprises facing liquidity challenges. The steel industry will be prioritized with $150 million as part of the government's Regional Tariff Response Initiative through the Regional Development Agencies. Finally, the Large Enterprise Tariff Loan will be updated to expand eligibility and provide lower cost financing to firms in the steel industry. These changes will include reducing the minimum annual revenue requirement from $300 million to $150 million, reducing the minimum loan size from $60 million to $30 million, extending the loan maturity from 5 to 7 years, reducing the initial interest rate, and requiring companies to prioritize worker retention. 3. Prioritize Canadian steel to build big projects As the federal government delivers on its mandate to build major, national projects and millions more homes faster, we will ensure Canadian steel and other Canadian materials are prioritized in construction. We will also change federal procurement processes to require companies contracting with the federal government to source steel from Canadian companies. At this transformative moment, we are shifting from reliance to resilience – using Canadian steel to protect our sovereignty, grow our industries, export our energy, and build one strong Canadian economy. It's time to build big, build bold, and build the strongest economy in the G7 using Canadian steel. Quotes "Our steel industry will be central to Canada's competitiveness, our security, and our prosperity. As Canada moves from reliance to resilience, Canada's new government is taking a series of major measures to support, reinforce, and transform the industry to be more resilient in the face of profound shifts in global trade and supply chains." — The Rt. Hon. Mark Carney, Prime Minister of Canada "Our government continues to defend Canadian workers, businesses, and investments as we navigate the new trading environment. At the same time, we are actively strengthening our domestic producers through the significant additional supports announced today, enabling them to build essential infrastructure and ensure the prosperity of workers throughout this key Canadian industry." — The Hon. François-Philippe Champagne, Minister of Finance and National Revenue "Protecting Canada's steel industry means defending Canadian jobs, securing our economic sovereignty, and building the future right here at home. Canada's steelworkers are critical to building a strong Canadian economy; protecting their jobs is protecting Canada's economic future." — The Hon. Mélanie Joly, Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions "Steel workers and their industry are vital to Canada's economy. Canada will support workers as their jobs are threatened by tariffs. Today's announcement will help workers access skills training and retraining tailored to the needs of the steel sector. As we build the strongest country in the G7, the message to Canadian steel workers is clear: we are with you." — The Hon. Patty Hajdu, Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario "Canada is building faster and stronger. By prioritizing Canadian steel and other materials in our projects, we are taking important steps to prioritize Canadian suppliers, protect well-paying jobs, strengthen our supply chain, and support our industry in the face of unjustified U.S. tariffs." — The Hon. Joël Lightbound, Minister of Government Transformation, Public Works and Procurement This document is also available at
Zawya
19 hours ago
- Business
- Zawya
UAE: FTA emphasises prompt corporate tax registration to benefit from penalty waiver
The Federal Tax Authority (FTA) confirmed an increase in the number of beneficiaries from the Corporate Tax Late Registration Penalty Waiver initiative applicable to Taxable Persons and certain categories of Exempt Persons required to register with the FTA who were late in submitting their Corporate Tax registration applications within the deadline. The FTA clarified that in order to be exempt from the AED10,000 'Late Registration Penalty' for Corporate Tax, Taxable Persons (or Exempt Persons required to register) must submit their Tax Return (or annual declaration) no later than seven months from the end of their first Tax Period (or the first Financial Year), instead of nine months. The Late Registration Penalty Waiver initiative applies only to the first Tax Period of the Taxable Person (or Exempt Person required to register), regardless of whether the due date of the first Tax Return (or annual declaration) was before or after the new decision came into effect. Khalid Ali Al Bustani, Director General of the FTA, emphasised the importance of the non-registered Corporate Tax Taxable Persons to submit their Corporate Tax registration applications to the FTA, followed by the submission of Tax Returns through the 'EmaraTax' platform. He highlighted that meeting the deadlines allows eligible Taxable Persons and certain Exempt Persons—who are required to register—to benefit from the UAE Cabinet Decision on the administrative penalties waiver initiative, which exempts them from fines related to delays in Corporate Tax registration. Al Bustani added, 'This important initiative comes as part of the comprehensive strategy to support business sectors and encourage voluntary compliance with tax laws and procedures to avoid Administrative Penalties. This contributes to promoting economic growth, ensuring tax transparency and fairness within a legislative environment that keeps pace with developments through sustainable improvement, while maintaining performance quality and managing the tax system with the highest levels of efficiency and accuracy.' He stated, 'It is clear that the initiative to waive the Late Registration Penalty is incentivising many registrants for Corporate Tax as we note an increase in the number of Corporate Tax registrations to 576,000 – up from 538,000 registrants before the launch of the waiver initiative, in April 2025. This resulted in an increase of 38,000 additional registrations, as thousands of Corporate Tax registrants have submitted their Tax Return and annual declaration within the specified deadline to benefit from the Late Registration Waiver.' Al Bustani said that these indicators are a clear reflection of the initiative's success, which shows how the awareness on tax compliance and procedures is growing across all business sectors, in the UAE. The FTA is keen to continue engaging with the business community through various awareness channels, as well as to seek taxpayers' views and discuss ways to overcome any challenges they may face. Furthermore, the authority is intensifying its efforts, in cooperation with the relevant entities, to raise awareness about the importance of the initiative and the need for non-registered Corporate Tax Taxable Persons to benefit from the waiver initiative.
Arabian Business
19 hours ago
- Business
- Arabian Business
UAE corporate tax registrations rise after penalty waiver
The Federal Tax Authority (FTA) has reported an increase in the number of beneficiaries from the Corporate Tax Late Registration Penalty Waiver initiative. The initiative applies to Taxable Persons and certain categories of Exempt Persons required to register with the FTA who were late in submitting their Corporate Tax registration applications within the specified deadline. The FTA has clarified that to be exempt from the AED 10,000 'Late Registration Penalty' for Corporate Tax, Taxable Persons or Exempt Persons required to register must submit their Tax Return or annual declaration no later than seven months from the end of their first Tax Period or the first Financial Year, instead of nine months. Corporate tax penalty waiver boosts compliance The Late Registration Penalty Waiver initiative applies only to the first Tax Period of the Taxable Person or Exempt Person required to register, regardless of whether the due date of the first Tax Return or annual declaration was before or after the new decision came into effect. 'This important initiative comes as part of the comprehensive strategy to support business sectors and encourage voluntary compliance with tax laws and procedures to avoid Administrative Penalties, which contributes to promoting economic growth, ensuring tax transparency and fairness within a legislative environment that keeps pace with developments through sustainable improvement, while maintaining performance quality and managing the tax system with the highest levels of efficiency and accuracy,' Khalid Ali Al Bustani, Director General of the Federal Tax Authority said in a statement. Al Bustani also emphasised the importance of non-registered Corporate Tax Taxable Persons submitting their Corporate Tax registration applications to the FTA, followed by the submission of Tax Returns through the EmaraTax platform within the specified deadline. The Director General noted that the initiative has resulted in increased registrations. Corporate Tax registrations have risen to 576,000 from 538,000 registrants before the launch of the waiver initiative in April 2025, representing an increase of 38,000 registrations. 'It is clear that the initiative to waive the Late Registration Penalty is incentivising many registrants for Corporate Tax as we note an increase in the number of Corporate Tax registrations to 576,000 – up from 538,000 registrants before the launch of the waiver initiative, in April 2025. This resulted in an increase of 38,000 additional registrations, as thousands of Corporate Tax registrants have submitted their Tax Return and annual declaration within the specified deadline to benefit from the Late Registration Waiver,' he added. The Director General described these indicators as a reflection of the initiative's success, showing how awareness of tax compliance and procedures is growing across all business sectors in the UAE. 'These indicators are a clear reflection of the initiative's success, which shows how the awareness on tax compliance and procedures is growing across all business sectors, in the UAE. The FTA is keen to continue engaging with the business community through various awareness channels, as well as to seek taxpayers' views and discuss ways to overcome any challenges they may face,' Al Bustani said. The Authority is intensifying its efforts, in cooperation with relevant entities, to raise awareness about the importance of the initiative and the need for non-registered Corporate Tax Taxable Persons to act and benefit from the waiver initiative by submitting their registration applications, tax returns, and annual declarations within a period not exceeding seven months from the end of their first Tax Period or Financial Year.
