Increase import tariffs on electric vehicles and establish zero-rate quotas (M12 Wedge Anchor)
In order to stimulate domestic production, the Brazilian government plans to increase import tariffs on electric vehicles (including pure electric and hybrid vehicles) and establish a zero-rate quota. The new tax rate may take effect on December 1. According to sources, relevant ministries and commissions in Brazil have reached a consensus on increasing import tariffs on electric vehicles and plan to gradually increase the tax rate to 35% by 2026; at the same time, the zero-tariff import quota will decrease year by year until it is canceled in 2026.
South Korea
Tariffs on 76 commodities will be reduced next year(Threaded Bar With Nuts)
According to a report by Yonhap News Agency on November 22, in order to strengthen industrial competitiveness and reduce price burdens, South Korea will reduce tariffs on 76 commodities next year. The Ministry of Strategy and Finance released a legislative notice on the “2024 Periodic Flexible Tariff Plan” containing the above content on the same day, which will be implemented from January 1 next year after relevant procedures. In terms of strengthening industrial competitiveness, the main products involved include quartz glass substrates, lithium nickel cobalt manganese oxide, aluminum alloys, nickel ingots, disperse dyes, corn for feed, etc. In terms of price stabilization, quota tariffs are applied to potato modified starch, sugar, peanuts, chicken, egg processed products for food, as well as LNG, LPG and crude oil.
Doubling the cap on tax refunds for foreign tourists
The Ministry of Finance of South Korea stated that in order to attract overseas tourists and boost the tourism industry, South Korea will double the total purchase limit for foreign tourists to enjoy instant tax refunds next year to 5 million won. Currently, foreign tourists can receive tax refunds on the spot when purchasing goods worth less than 500,000 won in designated stores. The total shopping amount per person per trip cannot exceed 2.5 million won.
India
Lower crude oil profit tax(Chemical Fixings)
According to a report from the Associated Press on November 16, India has lowered the windfall profit tax on crude oil from 9,800 rupees per ton to 6,300 rupees per ton.
Consider reducing taxes on electric vehicle imports for five years(Self Thread Screw)
According to the Associated Press, India is considering implementing a five-year tax cut policy on the import of complete electric vehicles to attract companies such as Tesla to sell and eventually produce cars in India. The Indian government is formulating policies to allow international automakers to import electric vehicles at preferential rates as long as the manufacturers commit to eventually manufacturing the vehicles in India, people familiar with the matter said.
Anti-dumping duties imposed on tempered glass used in Chinese home appliances(Drop In Expansion Anchor)
On November 17, the Indian Ministry of Finance and Revenue Bureau issued a notice stating that it would accept the Indian Ministry of Commerce and Industry’s regulations on August 28, 2023 for products originating or imported from China with a thickness between 1.8 mm and 8 mm and an area of less than or equal to 0.4 square meters. The company made a positive final anti-dumping recommendation on tempered glass for home appliances and decided to impose a five-year anti-dumping tax on the products involved in China, with the tax amount ranging from 0 to 243 US dollars per ton.
Anti-dumping duties on China’s natural mica pearlescent industrial pigments(U Bolt Hardware)
On November 22, the Revenue Bureau of the Indian Ministry of Finance issued a notice stating that it accepted the anti-dumping mid-term review and final recommendation made by the Indian Ministry of Commerce and Industry on September 30, 2023, for non-cosmetic grade natural mica pearlescent industrial pigments originating in or imported from China. , decided to revise the anti-dumping duties on the products involved in the case from China. The adjusted tax amount is US$299 to US$3,144/metric ton, and the measures will be effective until August 25, 2026.
Myanmar
Taxes on goods imported and exported through Daluo Port are reduced by half(Hex Head Bolt Screw)
The Taxation Bureau of the Fourth Special Zone in Eastern Shan State, Myanmar, recently issued an announcement stating that starting from November 13, 2023, all goods imported and exported through China’s Daluo Port will be exempted from 50% tax
Sri Lanka
Raise special commodity tax on imported sugar(halfen bolts)
The Ministry of Finance of Sri Lanka has notified through a government announcement that the special commodity tax levied on imported sugar will increase from 25 rupees/kg to 50 rupees/kg. The revised tax standard will take effect from November 2, 2023 and will be valid for one year.
Value-added tax (VAT) will increase to 18%
Sri Lanka’s “Morning Post” reported on November 1 that Sri Lankan Cabinet Spokesperson Bandura Gunawardena said at a cabinet press conference that starting from January 1, 2024, Sri Lanka’s value-added tax (VAT) will increase to 18 %.
Iran
Significant reduction in tire import tariffs(Through Bolt Concrete)
Iran’s Fars News Agency reported on November 13 that Fahzadeh, chairman of the Iranian Consumers and Producers Support Organization, said that Iran’s tire import tariffs will be significantly reduced from 32% to 10%, and importers will take sufficient measures to increase market supply. We Will see a reduction in tire prices.
the Philippines
Cut gypsum import tariffs(Threaded Bar Rod)
According to a report by the Philippine “Manila Times” on November 14, Secretary General Bosamin signed “Executive Order No. 46″ on November 3 to temporarily reduce the import tariffs on natural gypsum and anhydrous gypsum to zero to support housing. and infrastructure projects to boost the competitiveness of the local gypsum and cement industries. The preferential tariff rate is valid for five years.
Russia
Lower oil export tariffs(Chemical Bolt M16)
On November 15, local time, the Russian Ministry of Finance stated that as the price of the country’s flagship crude oil Urals fell, the government decided to reduce export tariffs to US$24.7 per ton starting from December 1. This will be the first time Russia has lowered oil export tariffs since July. Compared with this month, the tariff of US$24.7 per ton has dropped by 5.7%, equivalent to about US$3.37 per barrel.
Armenia
Extension of tax exemption policy for electric vehicle imports
Armenia will continue to exempt electric vehicles from import VAT and customs duties. In 2019, Armenia approved the exemption of electric vehicle import VAT until January 1, 2022, which was later extended to January 1, 2024, and will be extended again to January 1, 2026.
Thailand
Imposing anti-dumping duties on Wuxi steel plates related to China
Recently, the Thailand Dumping and Subsidy Review Committee issued an announcement stating that it decided to re-implement anti-dumping measures against Wuxi steel plates originating in China, South Korea and the EU, and levy anti-dumping duties based on the landed price (CIF), with tax rates ranging from 4.53% to 24.73 in China respectively. %, South Korea 3.95% ~ 17.06%, and the European Union 18.52%, effective from November 13, 2023.
Imposing anti-dumping duties on China-related tin-plated steel coils
The Thailand Dumping and Subsidy Review Committee recently issued an announcement stating that it has decided to re-implement anti-dumping measures on tin-plated steel coils originating in mainland China, Taiwan, the European Union and South Korea, and levy anti-dumping duties based on the landed price (CIF), with tax rates respectively. It is 2.45% ~ 17.46% in mainland China, 4.28% ~ 20.45% in Taiwan, 5.82% in the EU, and 8.71% ~ 22.67% in South Korea. It will take effect from November 13, 2023.
European Union
Anti-dumping duties imposed on Chinese polyethylene terephthalate
On November 28, the European Commission issued an announcement to make a preliminary anti-dumping ruling on polyethylene terephthalate originating in China. The preliminary ruling was to impose a provisional anti-dumping duty of 6.6% to 24.2% on the products involved. The product involved is polyethylene terephthalate with a viscosity of 78 ml/g or greater. The measures will take effect from the day after the announcement is issued and will be valid for 6 months.
Argentina
Imposing anti-dumping duties on Chinese-related zippers and their parts
On December 4, the Argentine Ministry of Economy issued an announcement to make a preliminary anti-dumping ruling on zippers and parts originating in China, Brazil, India, Indonesia and Peru. It initially ruled that the products involved in China, India, Indonesia and Peru were dumped. The dumping Substantial damage was caused to Argentina’s domestic industry; it was ruled that the Brazilian products involved were dumped, but the dumping did not cause substantive damage or threat of damage to the Argentine industry. Therefore, it was decided to impose temporary anti-dumping duties of 117.83%, 314.29%, 279.89%, and 104% respectively on the products involved in China, India, Indonesia, and Peru. The measures on the products involved in China, India, and Indonesia are valid for four months, and the measures on the products involved in Peru are valid for four months. for six months; at the same time, the anti-dumping investigation of the Brazilian products involved will be terminated and no anti-dumping measures will be implemented. The products involved are zippers and cloth straps with ordinary metal, nylon or polyester fiber teeth and injection molded chain teeth.
madagascar
Imposing safeguard measures tax on imported paints
On November 13, the WTO Safeguards Committee released the safeguard notification submitted to it by the Madagascar delegation. On November 1, 2023, Madagascar began to implement a four-year safeguard measure in the form of quotas for imported coatings. No safeguard tax will be levied on imported coatings within the quota, and an 18% safeguard tax will be levied on imported coatings that exceed the quota.
Egypt
Overseas residents can import cars with zero tariff
Al-Ahram Online reported on November 7 that Egypt’s Finance Minister Ma’it announced that since Egypt once again launched a zero-tariff imported car plan on October 30, about 100,000 expatriates living abroad have registered online, reflecting the There is strong interest in this initiative. The plan will last until January 30, 2024, and expatriates will not have to pay customs duties, value-added tax and other taxes when importing cars for personal use into Egypt.
Colombia
Tax on sugary drinks and unhealthy foods
In order to reduce obesity and promote public health, Colombia has imposed a 10% tax on sugary drinks and unhealthy foods containing high amounts of salt, trans fat and other ingredients since November 1, and will increase the tax rate to 15% in 2024. Increase to 20% in 2025.
USA
Many lawmakers urge the government to increase import tariffs on cars from China
Recently, many bipartisan U.S. lawmakers have urged the Biden administration to increase tariffs on imported cars made in China and study ways to prevent Chinese companies from detouring from Mexico to export cars to the United States. According to Reuters, a number of cross-party U.S. lawmakers sent a letter to U.S. Trade Representative Dai Qi, calling for an increase in the current 25% import tariff on Chinese-made cars. The Office of the U.S. Trade Representative and the Chinese Embassy in Washington did not immediately respond to requests for comment. The 25% tariff on Chinese cars was imposed by the previous Trump administration and was extended by the Biden administration.
Vietnam
15% corporate tax will be levied on foreign companies starting next year
On November 29, the Vietnamese Congress officially passed a bill to impose a 15% corporate tax on local foreign companies. The new law will take effect on January 1, 2024. This move is likely to affect Vietnam’s ability to attract foreign investment. The new law applies to companies whose revenue exceeds 750 million euros (approximately S$1.1 billion) in at least two of the last four years. The government estimates that 122 foreign companies in Vietnam will have to pay taxes at the new rate next year.
Algeria
Abolition of corporate business tax
According to the Algerian TSA website, Algerian President Tebboune announced at the cabinet meeting on October 25 that the business tax for all enterprises will be cancelled. This measure will be included in the 2024 Finance Bill. Last year, Afghanistan abolished business tax for enterprises in the production field. This year, Afghanistan expanded this measure to all enterprises.
Uzbekistan
Exemption from value-added tax on projects in the social field implemented using state external debt financing
On November 16, Uzbek President Mirziyoyev signed the “Supplementary Measures on Further Accelerating the Implementation of Projects Financing Using International and Foreign Financial Institutions”, which stipulates that from now until January 1, 2028, the proportion of state-owned capital will be Projects in the social and infrastructure fields implemented by 50% or more of the fiscal budget units and enterprises through state external borrowing, partially or entirely financed from international and foreign financial institutions, are exempt from value-added tax. Projects that are refinanced or on-loaned through commercial banks are not exempt from VAT. Related offers.
U.K.
Introduce massive tax cuts
British Finance Minister Jeremy Hunt recently stated that since the goal of halving the inflation rate has been achieved, the government will launch a long-term economic development plan and fulfill its tax cut commitments. Under the new policy, the UK will cut employees’ national insurance tax rates from 12% to 10% from January 2024, which will reduce taxes by more than £450 per employee per year. In addition, from April 2024, the top National Insurance rate for self-employed people will be reduced from 9% to 8%.
Denmark
Plan to tax air tickets
According to comprehensive reports from foreign media, the Danish government plans to impose an aviation tax on air tickets, which will average about 100 Danish kroner. Under the government proposal, short-haul flights would be cheaper and long-haul flights more expensive. For example, the extra cost to fly from Aalborg to Copenhagen in 2030 is DKK 60, while flying to Bangkok is DKK 390. The new tax revenue will be mainly used for the green transformation of the aviation industry.
Uruguay
VAT on consumption by foreign tourists in Ukraine will be reduced or exempted during the tourist season
Uruguayan online news website “Boundaries” reported on November 1 that in order to attract more foreign tourists and promote the development of Uruguayan summer tourism, the Uruguayan Ministry of Economy and Finance approved tax exemptions from November 15, 2023 to April 30, 2024. Foreign tourists consume value-added tax in Ukraine and suspend the implementation of the personal income tax and non-resident income tax withholding system applicable to temporary rental contracts of houses for tourism purposes (the contract period is less than 31 days). The government will grant a tax deduction of 10.5% of the total rental value.
Japan
Consider targeting Apple and Google for app sales tax
According to Japan’s “Sankei Shimbun”, Japan is exploring tax reform and considering indirectly imposing App consumption tax on IT giants such as Apple and Google that own App stores to ensure tax fairness.
Consider adjusting consumption tax regulations for overseas tourists
Japan is considering changing the way it collects sales tax from tourists to reduce fraudulent shopping, Japan’s Nikkei reported. Currently, Japan exempts international shoppers from consumption tax on goods purchased in the country. Sources said the Japanese government is considering imposing taxes on sales starting around fiscal 2025 and then refunding the taxes later. Currently, stores are required to pay the tax themselves if they do not detect fraudulent purchases, the report said.
Barbados
Adjustment of corporate tax for multinational enterprises.
“Barbados Today” reported on November 8 that Barbados Prime Minister Mottley said that in response to the 15% global minimum tax rate international tax reform that the Organization for Economic Cooperation and Development (OECD) will take effect next year, the Barbados government will start from January 2024. Starting from the 1st, a 9% tax rate and “supplementary tax” will be implemented on some multinational enterprises, and a 5.5% tax rate will be levied on some small businesses to ensure that enterprises pay an effective tax of 15% in accordance with the rules to prevent tax base erosion.
Post time: Dec-11-2023