Page 13 - Economy

Interest settlement part of indirect tax scheme with some riders: HC

Tax authorities' order not allowing disputes arising out of interest payment for resolution quashed

Centre to levy import duties on non-essential items as exports fall: Report

The government is also looking for ways to separate commodities that come under the same Harmonized System of Nomenclature (HSN) code for imposing duties

Indicators suggest Pak's economic situation would worsen in future: Report

Pakistan's economy still remains critical and several economic indicators suggest that the situation could get worse. Food shortage, depleting energy, and foreign reserves may create a bigger problem

IMF approves deal to provide $3 bn support package to cash-strapped Egypt

The International Monetary Fund has approved a deal that will provide a USD 3 billion support package to cash-strapped Egypt over a period of almost four years, with the agreement expected to draw in additional USD 14 billion in financing for the Middle East country. The announcement from the IMF's executive board late on Friday comes after a preliminary agreement was reached in October between Egypt and the fund, hours after Egypt's central bank introduced a series of reforms, including a hike in key interest rates by roughly 2 percentage points. The Egyptian economy has been hard-hit by the coronavirus pandemic and the war in Ukraine, events that have played havoc with global markets and hiked oil and food prices worldwide. Egypt is the world's largest wheat importer, most of which came from Russia and Ukraine. The country's supply is subject to price changes on the international market. The deal announced on Friday known as an Extended Fund Facility Arrangement is expected to

Finnish economy to fall into mild recession in 2023, says central bank

A surge in the cost of living, and the energy crisis exacerbated by the conflict in Ukraine, have accelerated a looming recession, the bank said

Windfall profit tax on crude slashed; tax on diesel, ATF export cut

The government has slashed the windfall profit tax levied on domestically-produced crude oil as well as on export of diesel and ATF following a decline in global oil prices, according to an official order. The levy on crude oil produced by companies such as Oil and Natural Gas Corporation (ONGC) has been cut steeply to Rs 1,700 per tonne from Rs 4,900, the order dated December 15 said. Crude oil pumped out of the ground and from below seabed is refined and converted into fuel like petrol, diesel and aviation turbine fuel (ATF). The government has also cut the tax on export of diesel to Rs 5 per litre from Rs 8 and the same on overseas shipments of ATF to Rs 1.5 a litre from Rs 5. The new tax rates are effective from December 16. The reduction in tax rates follows a 14 per cent slump in global crude oil prices since November. India first imposed windfall profit taxes on July 1, joining a growing number of nations that tax super normal profits of energy companies. At that time, exp

Exports rise marginally to $32 bn in Nov; trade deficit lowest in 7 months

Imports at 10-month low of $55.88 billion, trade deficit lowest in 7 months

Indian steel mills hopeful as demand rises, China eases Covid curbs

Prices have plummeted some 29% in domestic market after peaking in April

Bond yields rise as debt auction sees weak demand; dip on weekly basis

The overall sentiment remained weak because of hawkish commentary from central bankers across the world, which dimmed the hopes of domestic interest rate cuts later in 2023, said a dealer at a bank

Global coal consumption set to hit new high this yr despite ambitious goals

Coal usage looks likely to increase by 1.2% in 2022, surpassing 8 billion tons in a single year for the first time, according to an International Energy Agency report

Centre likely to announce measures to curb Chinese imports in Budget 2023

The imports of finished goods entering India from China directly or indirectly via a third country will most likely be restricted

Windfall tax slashed: Down 65% on crude oil, and 37% on diesel exports

Windfall tax: The levy on diesel exports has been cut from Rs 8 to Rs 5 per litre and on aviation fuel from Rs 5 to Rs 1.5 per litre

US steelmakers flag recession concerns, energy costs could impact demand

Benchmark steel prices are down more than 50% this year as surging inflation has crimped appetite for longer-term projects

China's economy braces for turmoil as Covid curbs ease, infections surge

The government's abrupt abandonment of its long-held Covid Zero strategy has made the outlook for the economy very uncertain as factories brace for disruption and labor shortages rise

New York risks losing wealthiest residents over high taxes: Official

An analysis by New York City's Independent Budget Office released this week showed that the number of city taxpayers who earned between $1 million and $5 million declined 11% in 2020

Maharashtra govt asks large infra firms to bid for Mumbai road projects

A company won project to build elevated road near Mumbai but municipal corporation cancelled the tender without explaining a reason

Capital, consumer goods output under pressure as demand, investments slow

Segments are yet to recover from pre-covid period of 2019-20 when the economy started slowing down

Domestic workers need to work in 6 households to earn minimum wage: Study

Employers believe they pay enough, do not consider skills while setting the wage and favour "trustworthiness" over caste and religion, found a study of households in Bengaluru and Chennai

Signs of global slowdown: Export credit demand shrinks 25% YoY in October

The data released by the Reserve Bank of India (RBI) showed a fall in export credit even though the bank credit saw a robust growth of 18 per cent

Those selling products at market rate can't claim charitable status: ITAT

Hospital's appeal against income tax department rejected; it is a private company that turned into a non-profit