Latest news with #HarmonizedSystem
Business Recorder
15-07-2025
- Business
- Business Recorder
PM spells out his govt's top tax priorities
ISLAMABAD: Prime Minister Shehbaz Sharif on Monday called for simplifying tax returns and launching digital invoicing in Urdu to facilitate easier tax filing for citizens, while highlighting ongoing reforms including the implementation of an AI-based tax assessment system. Speaking at a weekly review meeting on the digitisation efforts of the Federal Board of Revenue (FBR), Sharif emphasised the need to focus reforms on the convenience of the average taxpayer. He directed the introduction of third-party validation to ensure transparency in all FBR reforms. 'The new simplified digital tax returns primarily benefit salaried individuals,' the prime minister said, urging a public awareness campaign to encourage wider tax compliance under the revamped system. PM Shehbaz orders crackdown on tax evasion, under-invoicing Sharif credited Finance Minister Muhammad Aurangzeb, the economic team, and FBR Chairman Rashid Langrial for their roles in advancing the reforms, which aim to broaden the tax base while easing the burden on low-income groups. For the first time in history of the country, the government is implementing an AI-based tax assessment system, he noted, calling it 'a significant milestone'. He also stressed the importance of extending special facilitation to small and medium enterprises (SMEs) to incorporate them into the digital invoicing framework. In a briefing, the meeting was informed about the progress on digital invoicing, e-bilty (electronic transport documentation), simplified tax returns, AI assessment systems, and the establishment of a Central Command and Control Center. The FBR expects to complete bidding for the Command and Control Unit soon, with full operational capacity targeted by September to enable centralized data access and decision-making. Under the AI-based system, traders can submit Advance Goods Declarations (AGD) before ship arrivals, granting exemptions on upfront duties and taxes. Compliance with AGD is expected to rise sharply from 3 per cent to over 95 per cent, facilitating direct container movement from ports to factories. The digital invoicing system will require all businesses to issue invoices online at the point of sale, with around 20,000 businesses expected to join in the coming months. In the first month alone, 8,000 invoices worth Rs11.6 billion were processed. The system includes a taxpayer portal and monitoring dashboard and is integrated with Pakistan Revenue Automation Ltd (PRAL) free of charge. Once fully implemented, traders will no longer need to file separate sales tax returns, as transactions will be automatically recorded. Additional measures include the introduction of an eight-digit Harmonized System (HS) code aligned with international standards to combat fake invoices and improve sales tax system monitoring. Simplified digital tax returns for salaried individuals will be available from July 15, with the facility expanding to other taxpayers by July 30. Urdu versions of the returns will also be introduced by the end of the month. The prime minister called for a dedicated helpline and third-party public surveys to assess the ease of filing under the new system. On the cargo tracking and e-bilty system, officials said real-time monitoring of goods movement and tax compliance will be enabled, supported by AI-enhanced assessments. The government is collaborating with Turkey to meet international standards in system deployment following discussions between Shehbaz and the Turkish president during a recent visit to Azerbaijan. A Turkish delegation is currently in Pakistan to assist with implementation. Senior officials at the meeting included federal ministers Ahsan Iqbal, Ataullah Tarar and Ali Pervaiz Malik; Minister of State for Finance Bilal Kayani, FBR Chairman Langrial and other key officials. NNI adds: The meeting was informed that simplified digital tax returns will be launched from July 15 for salaried individuals and from July 30 for other taxpayers. Urdu-language returns for salaried individuals will also be available by July 30. The process of filling out the new simplified tax returns was explained in detail. The meeting was also briefed about the progress of the cargo tracking system and e-bilty system. Copyright Business Recorder, 2025
Newsweek
11-07-2025
- Business
- Newsweek
Map Shows US States Set to Be Hardest Hit by Trump Canada Tariff
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. U.S. States bordering Canada could feel the greatest impact of President Donald Trump's 35 percent tariff on Canadian products, which are set to go into effect August 1. Montana, Maine, Vermont and North Dakota received more than 65 percent of their imports from Canada in 2024, according to Harmonized System trade data from the U.S. Census Bureau. Why It Matters The 35 percent tariff is a ten percent hike from the 25 percent rate Trump imposed on America's trading partner earlier this year, blaming fentanyl coming over the border. It is not yet clear if items under the United States-Mexico-Canada Agreement (USMCA), which are currently exempt, will be included. The new tariff is separate from the 50 percent steel and aluminum levy and the 25 percent autos tariff duty that Canada is already paying for U.S. imports on those sectors. Trump announced the new tariff in a letter to Canadian Prime Minister Mark Carney, shared on Truth Social Thursday, in which he accused Canada of having "financially retaliated against the United States." The president appears to be referencing the 25 percent tariff reciprocal Ottawa imposed on non-USMCA complaint vehicles from the U.S., as well as American steel, apparel food and other items. Thursday's letter came after the U.S. and Canada countries agreed to resume trade talks, during a G7 summit, with a deadline to reach a deal by July 21. Those talks appear to have stalled. What To Know Montana obtained 91.79 percent of its imports from Canada in 2024, according to the trade data. The Montana Department of Labor & Industry reported that its top three imports from Canada in 2021 were crude oil, platinum waste and scrap, and conifer wood. Maine got 70.32 percent of its imports from the nation in 2024, Vermont got 66.96 percent and North Dakota got 65.42 percent. In February, Maine Governor Janet Mills said the businesses and individuals in Maine rely on Canada for major energy sources, including heating fuel, gasoline, natural gas and electricity. "More than 80 percent of Maine's heating fuel and gasoline is imported from Canada, and 50 percent of our homes rely on oil for home heat. And of course, we don't have fossil fuel reserves of our own," Mills said in a press release. Energy also accounts for about half of Vermont's imports from Canada, Vermont Public reported. The Consulate General of Canada in Minneapolis reported that the top imports from Canada to North Dakota in 2024 were crude petroleum, oil seeds and fertilizers. Wyoming obtained 54.58 percent of its imports from Canada. The remaining 45 states received less than half of their imports from the nation. While energy appears to be exempt from the new tariff, after Trump imposed a lower ten percent rate earlier this year, the new rates could significantly increase the costs on other goods. Trump said he would consider an adjustment to the tariff if Canada works with him to "stop the flow of Fentanyl." Carney said Canada has made "vital progress to stop the scourge of fentanyl in North America." "We are committed to continuing to work with the United States to save lives and protect communities in both our countries," Carney said. What People Are Saying President Donald Trump said in a letter to Mark Carney, shared on Truth Social on Thursday, "As you will recall, the United States imposed tariffs on Canada to deal with our Nation's Fentanyl crisis, which is caused, in part, by Canada's failure to stop the drugs from pouring into our Country. Instead of working with the United States, Canada retaliated with its own tariffs." Canadian Prime Minister Mark Carney, on X: "Throughout the current trade negotiations with the United States, the Canadian government has steadfastly defended our workers and businesses. We will continue to do so as we work towards the revised deadline of August 1." What Happens Next The 35 percent tariff will be imposed against Canada on August 1. Trump has said that he is prepared to increase the rate again if Canada retaliates with their own levies, or decrease them depending on the country's relationship with the U.S. Do you have a story that Newsweek should be covering? Do you have any questions about this story? Contact LiveNews@
Time Business News
10-06-2025
- Business
- Time Business News
What Are Import Duties in the UK?
Import duties, also known as customs duties, are taxes imposed by a government on goods brought into a country. They serve multiple purposes, including generating revenue for the government, protecting domestic industries from foreign competition, and regulating the types of goods entering a country. Understanding these duties is crucial for businesses and individuals who engage in international trade, ensuring that all necessary costs are accounted for in their financial planning. These duties can vary significantly depending on the product's nature, its country of origin, and the specific regulations of the importing country. For those importing goods from China to the UK, it is essential to be aware of the import duties applicable under the UK Global Tariff system. This system outlines the tariff rates and categories for numerous products, providing a clear framework for importers. By familiarising yourself with import duties, you can better anticipate potential costs and avoid unexpected expenses. This knowledge is also vital for compliance with legal and regulatory requirements, which can help prevent delays or penalties during the customs clearance process. Understanding the UK Global Tariff (UKGT) The UK Global Tariff (UKGT) is the regime that sets out the duties and tariffs applicable to goods imported into the United Kingdom. Implemented after Brexit, the UKGT replaced the European Union's Common External Tariff and is designed to reflect the UK's independent trade policy. It aims to simplify and streamline the tariff system, making it easier for businesses to navigate. The UKGT is presented in an accessible format, detailing specific tariff rates for various product categories. This tariff schedule is structured to support UK industries while ensuring consumers have access to a wide range of products at competitive prices. For importers, understanding the UKGT means recognising the specific rates and regulations that apply to their goods, which can influence pricing strategies and supply chain decisions. Utilising the UKGT effectively requires a thorough analysis of your products and their corresponding tariff codes. By doing so, you can ensure compliance with UK regulations and optimise your import operations. This understanding can also assist in identifying potential cost-saving opportunities through tariff reductions or exemptions. What Goods Are Affected by Import Duties? Import duties affect a broad array of goods, with specific rates and regulations varying based on the product type and its classification under the UK Global Tariff. Typically, goods are categorised under the Harmonized System (HS) code, a globally standardised system used to classify traded products. This classification determines the applicable tariff rate. While many goods are subject to import duties, certain categories are more heavily regulated or taxed. For example, agricultural products, textiles, and electronics often have higher duties due to their impact on domestic markets. Conversely, some goods may benefit from reduced rates or exemptions to encourage specific industries or economic activities. Understanding which goods are affected and to what extent requires careful examination of the UKGT and staying informed about changes in trade policies. Regularly reviewing the tariff schedules and consulting with trade experts can ensure that you remain compliant and competitive in the marketplace. How to Find Applicable Tariff Rates Finding the applicable tariff rates for your goods involves several steps, primarily centred around identifying the correct HS code for your products. This code is essential for determining the specific duty rate under the UKGT. The UK's online tariff lookup tool is a valuable resource, allowing you to search for tariff rates using product descriptions or HS codes. Once you have identified the HS code, you can access detailed information about the applicable duty rates, including any preferential rates due to trade agreements or specific exemptions. This information is crucial for accurate cost calculations and strategic pricing decisions. Additionally, staying updated on changes to tariff rates or classifications is vital, as trade policies and agreements can evolve. Subscribing to government updates or consulting with customs professionals can help you adapt to any changes and maintain a competitive edge in the import market. Using the Import Duty Calculator The Import Duty Calculator is an essential tool for anyone involved in importing goods into the UK. This online resource allows you to calculate the total import duty payable on your goods, factoring in the product's value, the applicable tariff rate, and any other relevant charges, such as VAT or excise duties. To use the Import Duty Calculator effectively, gather all necessary information about your shipment, including the product's HS code, its value, and any applicable trade agreements. Inputting this data into the calculator will provide you with an estimate of the total duty costs, helping you plan your import expenses accurately. This tool is particularly beneficial for small businesses and first-time importers, offering a straightforward way to understand and estimate the costs associated with importing goods. Regular use of the calculator can aid in budgeting, pricing strategies, and ensuring compliance with import regulations. Documentation Required for Importing Goods Importing goods into the UK requires a variety of documentation to ensure compliance with customs regulations. The most crucial documents include the commercial invoice, which details the transaction between the buyer and seller, and the bill of lading or airway bill, which serves as proof of shipment. Additionally, you may need to provide certificates of origin to verify where the goods were produced, especially if they are subject to preferential tariff rates under specific trade agreements. Importers should also be prepared to submit any licences or permits required for restricted goods, such as firearms or pharmaceuticals. Accurate and complete documentation is vital for a smooth import process, minimising the risk of delays or penalties. Keeping organised records and consulting with customs brokers or freight forwarders can help ensure that all necessary paperwork is submitted correctly and on time. Special Considerations for Certain Goods Certain goods require special considerations when being imported, often due to their sensitive nature or potential impact on public health and safety. These include food products, chemicals, and items subject to intellectual property rights. Importers must be aware of any specific regulations or certifications required for these goods. For example, food products must comply with health and safety standards, which may involve obtaining health certificates or undergoing inspections by regulatory agencies. Similarly, importing chemicals may necessitate compliance with environmental regulations and safety protocols to prevent hazardous incidents. Being informed about these special considerations and requirements is crucial for avoiding legal issues and ensuring the safe and efficient importation of goods. Working with specialists in these areas or consulting government resources can provide guidance and support in navigating these complexities. Understanding Anti-Dumping Duties Anti-dumping duties are additional tariffs imposed on imported goods that are priced below fair market value, often to protect domestic industries from unfair competition. These duties can significantly impact the cost of importing certain products, particularly those from countries accused of dumping, such as China. To determine if anti-dumping duties apply to your goods, you should review the UK government's list of products and countries subject to these measures. Understanding these duties is essential for accurate cost calculations and competitive pricing strategies. Importers must stay informed about changes in anti-dumping regulations and investigations, as these can affect duty rates and compliance requirements. Engaging with trade experts and monitoring government updates can help you navigate this complex area of import regulation. Exploring Tariff-Rate Quotas Tariff-rate quotas (TRQs) are a trade policy tool that allows a specified quantity of goods to be imported at a reduced tariff rate, with higher rates applied to quantities exceeding that limit. TRQs are often used to balance the protection of domestic industries with the benefits of international trade. Understanding how TRQs work and determining if your goods qualify for these quotas can provide significant cost-saving opportunities. The UK government publishes information on available TRQs, including the applicable goods, quota limits, and reduced tariff rates. By strategically planning your imports around TRQ availability, you can optimise your costs and enhance your competitiveness in the market. Staying informed about quota allocations and changes can help you take full advantage of these opportunities. Importing from China: A Step-by-Step Guide Importing goods from China to the UK involves several key steps that require careful planning and execution. First, identify the products you wish to import and conduct thorough market research to ensure demand and profitability. Next, find reliable suppliers and negotiate favourable terms and conditions. Once you have established your supplier relationships, determine the applicable import duties and prepare the necessary documentation, including the commercial invoice, bill of lading, and any required certificates or permits. Use the Import Duty Calculator to estimate your costs accurately. Finally, ensure compliance with UK customs regulations by organising the logistics and customs clearance process. This may involve working with customs brokers or freight forwarders to facilitate the smooth importation of your goods. Monitoring the shipment and maintaining communication with all parties involved can help prevent delays and ensure successful import operations. Conclusion Navigating the complexities of import duties and tariffs is crucial for anyone engaged in importing goods from China to the UK. By understanding the UK Global Tariff, identifying applicable tariff rates, and using resources like the Import Duty Calculator, you can optimise your import operations and ensure compliance with regulations. Whether you're a seasoned importer or new to international trade, staying informed and prepared can enhance your competitiveness and success in the global market. For further assistance or to learn more about how to optimise your TIME BUSINESS NEWS
Business Recorder
10-06-2025
- Business
- Business Recorder
TDAP organises workshop on market analysis tools
LAHORE: Trade Development Authority of Pakistan (TDAP), Women Entrepreneur Division, in collaboration with the Women Resource Centre and Incubators (WRCI), successfully organized a hands-on training workshop on 'Market Analysis Tools – Trade Map' on 30th May 2025 in Lahore. This initiative is part of TDAP's focused effort to strengthen the export readiness of women entrepreneurs by equipping them with practical tools to analyze global markets. The workshop centered around the International Trade Centre's (ITC) Trade Map, a key platform for market intelligence, competitor analysis, and strategic export planning. Mahina Ghalib, Deputy Director, TDAP, facilitated the session and led an in-depth exploration of Harmonized System (HS) Codes, Trade Map functionalities, and data interpretation techniques. Copyright Business Recorder, 2025
Leaders
26-05-2025
- Business
- Leaders
GASTAT Reports 13.4% Growth in Non-Oil Exports in Q1 2025, 10.7% Increase in March
The General Authority for Statistics (GASTAT) has released its International Trade Statistics bulletin for March 2025 and the first quarter of the year (Q1 2025), highlighting continued momentum in Saudi Arabia's non-oil exports. According to the report, non-oil exports—including re-exports—rose by 13.4% in Q1 2025 compared to the same period in 2024. In March 2025 alone, non-oil exports were up by 10.7% year-on-year, reinforcing the growing contribution of non-oil sectors to the Kingdom's international trade. In contrast, total merchandise exports declined by 3.2% in Q1 and by 9.8% in March, compared to the same periods in 2024. Merchandise imports saw an upward trend, increasing by 7.3% in Q1 2025 and by 0.1% in March year-on-year. Despite this, the trade balance surplus narrowed—falling by 28% in Q1 and 34.2% in March. The ratio of non-oil exports to imports improved, reaching 36.2% in Q1 2025 (up from 34.3% in Q1 2024) and 36.5% in March (up from 33% in March 2024). Meanwhile, the share of oil exports in total merchandise exports declined to 71.8% in Q1 2025 from 75.9% the previous year, and to 71.2% in March, down from 76.5% in March 2024. Moreover, chemical products led non-oil exports, making up 23.8% of the total in Q1 and 25.7% in March 2025. On the import side, machinery, electrical equipment, and parts were the most significant, accounting for 25.8% in Q1 and 26.1% in March. China, Saudi Arabia China remained Saudi Arabia's top trading partner, representing 15.7% of total exports and 26.6% of imports in Q1 2025. In March. Additionally, China's share stood at 15.5% of exports and 25.3% of imports. GASTAT noted that the international trade data are compiled using administrative records from the Zakat, Tax and Customs Authority for non-oil figures, and from the Ministry of Energy for oil-related data. Commodity classifications follow the 2022 Harmonized System (HS) codes. Related Topics: NWC Delivers Major Water Infrastructure Projects in Jeddah Aqualia, NWC Redefine House Connection Services in Saudi Arabia NWC Initiates SAR 1 Billion Water, Environmental Projects in Riyadh Saudi Arabia Launches 'Cultural Innovation Challenge' for Policies Design Short link : Post Views: 1
