TNETS Customs and Trade Management News


Gold smuggling: Two top officials in Secretariat, two ministers’ personal staff under cloud of suspicion

THIRUVANANTHAPURAM:, Twelve persons including two top officials in Secretariat and two ministers’ personal staff are learnt to have interfered in the gold smuggling case inorder to save the master brain Swapna Suresh, according to information received by the Customs. These persons are known to have put pressure on Customs to release the diplomatic baggage comprising around 30 kg gold and addressed to UAE Consulate.With this, the very nerve centre...

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A.P. Moller – Maersk to acquire European specialist KGH Customs Services 06 July 2020

Copenhagen, 6 July 2020 – A.P. Moller – Maersk announces that it has reached an agreement with Bridgepoint Development Capital to acquire KGH Customs Services (KGH), a Sweden-based specialist in trade and customs management services in Europe. This will further enhance Maersk’s capabilities as an integrated container logistics company, offering end-to-end supply chain solutions to its customers. With its specialised expertise across freight modes (air, ocean, land) and deep knowledge...

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N.S. premier criticizes China for requiring lobster shippers to assume COVID-19 liability

Nova Scotia Premier Stephen McNeil is criticizing a new border measure imposed by China that requires Canadian lobster exporters to assume liability for COVID-19 in order to get their product into the country. “I don’t believe that the requirement to accept liability on live seafood going into that marketplace is a reasonable one,” McNeil told reporters in Halifax Thursday. China is the second largest market for Canadian lobster, with...

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India Bangladesh expanded river trade opens up opportunities for locals

India and Bangladesh recently signed the second addendum to the Protocol of Inland Water Transit and Trade (PIWTT) at the end of May, a step welcomed by traders in both countries. The agreement adds an additional route between Sonamura, in India’s Tripura state, and Daudkandi in Bangladesh to the existing eight protocol routes – along which vessels can travel across international borders. It also declares Jogigopha in India’s Assam state and...

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Cochin Port sees 30% dip in Chinese imports; customs revenue shrinks

With the India-China border crisis escalating to a trade friction between the two countries, Cochin Port has witnessed as much as 30 per cent reduction in imports from China in just under one month. Due to prevailing uncertainties due to delayed movements of the consignments, many traders themselves have opted to reduce the Chinese imports. Simultaneously, customs duty revenue has taken a hit due to reduced imports from China....

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FACTBOX-CHINA SUSPENDS MEAT IMPORTS FROM VARIOUS ORIGINS AMID COVID-19 PANDEMIC

7/3/2020 BEIJING, July 3 (Reuters) – China has banned meat imports from various processing plants in several countries in the past month, a customs document showed, as the global coronavirus pandemic hit the world’s top meats processors. China most lately banned imports from a beef plant in Canada owned by Cargill Inc., and a pork processing plant in Germany run by Danish Crown, from June 28, according to a...

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Tax Matters: Digital service tax updates create even more uncertainties

The Royal Malaysian Customs Department (RMCD) recently released a series of updates on the digital service tax framework, which officially went into force on Jan 1. Released in April, the rules — which apply retroactively now — exempt local banks and financial institutions (FIs) from having to levy the 6% tax when charging fees on transactions that pass through their networks.  Deloitte Malaysia partner for indirect tax Senthuran Elalingam...

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YRC Worldwide to receive $700m state rescue loan

US major LTL carrier has been significantly impacted by the COVID-19 pandemic, with the ‘vital funding’ said to come from a section of the Cares Act dedicated to companies essential to US national security Major US less-than-truckload (LTL) road freight carrier YRC Worldwide (YRCW) is to receive a $700 million rescue term loan from the US Treasury Department within the framework of the CARES Act, a US programme designed...

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Post-Brexit trade deal still possible despite rollercoaster talks

Despite the latest round of UK-EU talks ending a day early, it’s too early to conclude that the chances of a trade agreement are falling. We still narrowly suspect a deal will be forthcoming, but the economic impact will still be significant when the transition period ends later this year n this article UK-EU trade talks have hit a new low Compromise is possible but not guaranteed There are growing...

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What we’ve learned about (Customs) outsourcing during lockdown……and how our customers are benefitting

TNETS started self-isolating from its customers more than ten years ago…. …….and we are determined to continue doing so. What? You must be kidding! Isn’t this counter to everything we’ve been told about customer service? Of course, it is. What we mean is this….. Oh wait….. Who is TNETS? We are South East Asia’s largest customs service business, and since 2004 we have been pioneering enhancements in the way businesses...

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