TNETS Customs and Trade Management News


Why that can of energy drink has doubled in price

Along with the other member states of the Gulf Cooperation Council, Saudi Arabia is gradually implementing the taxation of goods deemed to have negative effects on public health and the environment. For example, tobacco products, electronic vaping equipment and liquids, and energy drinks attract tax at a rate of 100 percent — doubling the price to the consumer. Tax on soft drinks and sweetened drinks is payable at a...

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This will be a game-changer for African free trade

The AfCFTA is a vote of confidence in the value of international economic integration when trade conflicts are rife globally, writes Bohani Hlungwane The countdown has begun towards the “go-live” date of the African Continental Free Trade Area (AfCFTA) on 1 July 2020, which will potentially be a game changer for the continent, with its consumer market of 1.2 billion people with a combined GDP of $2.5 trillion (R37...

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XPO Logistics break-up plan is for shareholders, not operational benefits

XPO Logistics chairman and chief executive officer Bradley Jacobs was grilled by market analysts at a conference call yesterday on why he is considering a break-up of the company. Last month, the US-based transport and logistics giant announced that it was undertaking “a review of strategic alternatives”, including the possible sale or spin-off of one or more of the company’s business units. XPO’s transportation and logistics businesses, including those in...

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Nigerian ports’ poor performance during IMF inspection

After an abysmal outing by Nigerian seaports during an IMF inspection recently, SAMSON ECHENIM writes that genuine and clear-cut trade facilitation programmes must be entrenched at the country’s ports to ensure reduced cargo dwell time and general smooth trading. The International Monetary Fund (IMF) team that visited the seaports in Lagos had come and gone and the port authorities and other agencies, as well as private investors responsible for...

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Forwarders and hauliers now have the clarity needed for post-Brexit Customs changes

Forwarders and hauliers now have enough clarity to start preparing for a post-Brexit business landscape, according Peter MacSwiney, chairman of Customs clearance solutions provider Agency Sector Management (ASM). There is limited time to implement the systems needed to tackle trade friction following the UK Government’s announcement this week that import controls would be brought in on European Union (EU) goods at the border from 31st December.“We now know there...

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Toll actions technical cybersecurity recovery plan

Toll has reported that its teams worldwide are continuing to work tirelessly to ensure all customers and stakeholders have access to the transport and logistics company’s services following drastic measures to contain a ransomware attack. The company issued a statement outlining how it is progressing with thorough testing and validation of its IT systems, in collaboration with key customers, with a view to restoring systems for anyone who engages...

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Customs department rolls-out machine-based clearance of imported goods

In a bid to crack into the top 50 position in Trading Across Borders as part of the World Bank’s ease of doing business, the Central Board of Indirect Taxes and Customs (CBIC) has introduced machine-based automated clearance of imported goods. The new initiative is being piloted at Jawaharlal Nehru Port Trust (JNPT) and Chennai Port Trust from February 6 whereby the Customs officer will be able to do...

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European companies in Myanmar feel the heat from COVID-19

A majority of European companies in Myanmar say they are affected by the COVID-19 pandemic with some expecting a loss of revenue of more than 50 percent, according to the latest corporate survey conducted by the European Chamber of Commerce in Myanmar. Yangon-based EuroCham Myanmar last month conducted a survey to map out the expected economic impact with European businesses operating in the country. It seeks to address investor...

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BOC releases PPEs for medical frontliners

MANILA, Philippines – Nearly 5,000 shipments of personal protective equipment (PPEs) for frontliners addressing the coronavirus disease (COVID-19) crisis have been released from ports by the Bureau of Customs (BOC). Information from the BOC Public Information Office on Friday showed that a total of 4,669 shipments of PPEs have arrived in the country from March 9 until April 2. All of these shipments have already been released. On April...

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Payment Of Customs Duties And GST (COVID-19)

Canada Border Services Agency (CBSA) on the 27 March 2020 issued a Customs Notice CN20-11 regarding the extension of timeframes for the payment of customs duties and the Goods and Services Tax (GST) due to COVID-19 pandemic. The deferral allows businesses to defer payments due for March, April and May to June 1, 2020.  Subsection 33.7(1) of the Customs Act (“The Act”) provides an authority to the Minister of Public Safety and Emergency Preparedness...

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