"With respect to customs duty
, SIAM has suggested to the government that for CBU of cars and two-wheelers, rates should remain at the same level.
If the said customs duty
is imposed on imported handsets, companies like Samsung will most likely suffer its brunt as they will have to pass on the increased import costs to their customers.
at least 40% value should be added to the goods during the manufacturing process (for which the customs duty
exemption is being sought) by the mainland LLC locally (electricity costs, rent costs and employees' salaries will also be considered for the purposes of added value).
The basic customs duty
on imported flat-rolled products of stainless steel has been increased from 5 per cent to 7.5 per cent.
His explanations referred to the higher customs duty
rates for goods imported from Turkey and other non-EU countries.
Import of coking coal, mainly used by steel industry, is exempted from basic customs duty
, whereas non-coking coal attracts basic customs duty
of 5 per cent.
Also, basic customs duty
on high-end imported cars and other motor vehicles costing more than $40,000 (approximately Rs 22 lakh) and with engine capacity exceeding 3000cc for petrol engines and 2500cc for diesel engines has been increased from 75 per cent to 100 per cent.
Rajesh Sasidhar from Dubai, who also prompted three of his friends to sign the petition, said it (the customs duty
on gold) is an injustice to NRIs.
It was reported that while the customs duty
rate on tyres and the peak rate of customs duty
on all non agricultural products were progressively reduced in the Union Budgets during the last few years, in the case of natural rubber the rate of 20 percent customs duty
has remained unchanged for over a decade.
Midland importers are facing 'spectacular and unwelcome increases' in their customs duty
costs, an expert has warned.
And countries will be on the lookout to collect on those fines, to make up for federal revenues lost because of the lower income taxes, as well the loss of customs duty
and excise levies.
Failure to recognize the significance of customs duty
issues during business planning could cause missed opportunities worth millions and create a duty or customs penalty exposure if not properly addressed.